If you earn $134 in 8 hours, how much do you earn per hour?
1 answer:
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Jordan have $286 in his account after 1 year.
<u>Solution:</u>
Given data:
Principal (P) = $275.00
Rate of interest (R) = 4%
Time (T) = 1 year
<u>Let us first calculate the simple interest.</u>
Simple Interest Formula:
Substitute the given values in the simple interest formula.
Simple interest = $11
<u>Calculating the amount in account after 1 year:</u>
Amount = Principle + Simple Interest
= $275.00 + $11
Amount = $286
Hence Jordan have $286 in his account after 1 year.