Answer:
Step-by-step explanation:
Given
Initial deposit (Principal)= $250
Rate = 2%
Time = 1year (annual interest)
Required
Amount after 1 year
First we need to calculate interest
Interest = PRT/100
Interest = 250*2*1/100
Interest 2.5 * 2
Interest = $5.0
Next is to calculate amount;
Amount = Principal + Interest
Amount = $250 + $5
Amount = $255
Hence the value of a savings account at the Owl Credit Union at Dundalk High School that has an initial deposit of $250 and pays an annual interest rate of 2% is $255.
Amount = P + I
Value of savings account is $255
Given that:
Initial deposit = $250
Annual interest rate = 2% = 0.02
Find:
Equations represents value of savings account
Computation:
Equations represents value of savings account = P + PRT
Equations represents value of savings account = 250 + (250)(0.02)(1)
Equations represents value of savings account = 250 + 5
Equations represents value of savings account = $255
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