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Ray has $1600 in his bank account. How much interest will the money earn in one year at 2%. What will his balance be?

Sagot :

Answer: 32 every month or day. if its every month the answer is 384, if its every day it would be 11680

Step-by-step explanation:

mhanifa

Given:

  • Initial amount = $1600,
  • Interest rate = 2%,
  • Time = 1 year.

Find the amount of interest:

  • $1600*2/100 = $32

Find the balance after one year:

  • $1600 + $32 = $1632
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