sarah recives an inheritance of 180000.she decided to invest this for the next five years as part of her saving plan for a housi

Question

3 years ago

12

ng deposit. The first year she puts the money in the bank and earns 5.75% per annum interest.How much does she have at the end of the first year ?

1 answer:

anastassius [24] · Answer 1 · 2022-08-07T18:37:34+03:00

8 0

Answer: 10350

Step-by-step explanation:

Amount invested = Principal = 180,000

Interest rate = 5.75%

Time = 1 year

The interest that is earned at the end of the first year will be:

= PRT

= 180,000 × 5.75% × 1

= 180,000 × 0.0575 × 1

= 10350