Question

james decided to open a basic savings account he put 1000.00 dollars in his account . the account earns 5% interest he earns 50 dollers in the first mouth. his new balance mouth. what is the interest type?

Answer 1

M = C*(1+i)^t
M = 1000*(1+0,05)¹
M = 1000*1,05
M = 1050 (earns $ 50)

se t = 2 meses:
M = 1000*(1+0,05)²
M = 1000*(1,005)²
M = 1.102,50

Sistema de juros compostos - juros sobre juros.