You have $ 1 comma 000 and a bank is offering 5.0 % interest on deposits. if you deposit the money in the bank, how much will you have in one year?

Answer : The amount after 1 year will be, $1050

Explanation :  Given,

Principle = $1000

Time = 1 year

Rate = 5.0 %

Formula used :

where,

A = amount

P = principle

R = interest rate

T = time

Now put all the given values in the above formula, we get:

Therefore, the amount after 1 year will be, $1050

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