David invests money in an account paying a simple interest of 1% per year. If he invests $100 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents? Answer: $

Question

David invests money in an account paying a simple interest of  1% per year. If he invests  $100 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents? Answer: $

Bytelearn · Accepted Answer

Calculate Interest Earned: Calculate the interest earned in one year. Simple interest is calculated using the formula I = PRT, where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time in years. For David's investment, P = $100, R = 1% or 0.01 as a decimal, and T = 1 year. So, I = 100 * 0.01 * 1.Perform Interest Calculation: Perform the calculation for interest. I = 100 * 0.01 * 1 = $1. This means David will earn $1 in interest after one year.Calculate Total Amount: Calculate the total amount in the account after one year. The total amount A is the sum of the principal P and the interest I. So, A = P + I. For David, A = $100 + $1.Perform Total Amount Calculation: Perform the calculation for the total amount. A = $100 + $1 = $101. David will have $101 in his account after one year.

David invests money in an account paying a simple interest of $1 \%$ per year. If he invests $\$ 100$ and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents? $\newline$ Answer: $\$$

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David invests money in an account paying a simple interest of 1% 1 \% 1% per year. If he invests $100 \$ 100 $100 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents?\newlineAnswer: $ \$ $

David invests money in an account paying a simple interest of $1 \%$ per year. If he invests $\$ 100$ and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents? $\newline$ Answer: $\$$