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Tom opens a bank account and makes an initial deposit of $500. The banker tells Tom that he is going to receive
an annual rate of 6% on his investment. Find the bank balance assuming Tom leaves the account untouched for 15
years.

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bhuvna789456

Bank balance after 15 years is $950

Step-by-step explanation:

  • Step 1: Find the simple interest on the principal amount using the formula SI = PRT/100 where Principal (P) = $500, Rate of Interest (R) = 6% and Time(T) = 15 years

⇒ SI = 500 × 6 × 15/100 = $450

  • Step 2: Find total amount using the formula Amount = P + SI

⇒ Amount = 500 + 450 = $950

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