Question

Sajay invested 5100 in a local bank at a rate of 3% how much money will he have in his account after 3.5 years if no additional withdrawals or deposits are made? please show work​

Answer 1

Solution:

Using PRT/100 to find the interest:

• 5100 x 3 x 3.5/100 = Interest
• => 51 x 3 x 3.5 = Interest
• => 535.5 = Interest

Using Principle + Interest to find the amount:

• 5100 + 535.5 = Total amount
• => $5635.5 = Total amount