Tom opens a bank account and makes an initial deposit of $500. The banker tells Tom that he is going to receive

Mathematics

1 answer:

Katena32 [7]3 years ago

7 0

Bank balance after 15 years is $950

Step-by-step explanation:

Step 1: Find the simple interest on the principal amount using the formula SI = PRT/100 where Principal (P) = $500, Rate of Interest (R) = 6% and Time(T) = 15 years

⇒ SI = 500 × 6 × 15/100 = $450

Step 2: Find total amount using the formula Amount = P + SI

⇒ Amount = 500 + 450 = $950

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