Ryan deposits $900 in a bank at an annual interest rate of 9 percent.The total amount in Ryan's account after one year will be ________.

Question

Quizplus · Accepted Answer

To find the total amount in Ryan's account after one year, we need to calculate the interest earned and add it to the initial deposit of $900. The formula for simple interest is:

Interest = (Principal x Rate x Time) / 100

Here, the principal is $900, the rate is 9 percent, and the time is 1 year. Substituting these values in the formula, we get:

Interest = (900 x 9 x 1) / 100 = $81

So, the total amount in Ryan's account after one year will be:

Total amount = Principal + Interest = $900 + $81 = $981

Therefore, the best choice is C.

Ryan Deposits $900 in a Bank at an Annual Interest