Scenario: Suppose you deposit $520 in a bank for a period of 1 year. The interest rate offered by the bank is 10 percent per year.
-Refer to the scenario above.The interest that you will earn after a year is equal to ________.

Question

Quizplus · Accepted Answer

The interest earned in a year can be calculated using the formula: Interest = Principal × Rate × Time. Here, Principal = $520, Rate = 10% or 0.10, and Time = 1 year. So, Interest = $520 × 0.10 × 1 = $52.

Scenario: Suppose You Deposit $520 in a Bank for a Period