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.Suppose the interest rate is 5 percent.In this case,you will have ________ in your account after 1 year.

Question

Quizplus · Accepted Answer

At an interest rate of 5%, the annual interest earned will be:
520*5% = $26
Therefore, the total amount in the account after 1 year will be:
520 + 26 = $546.

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