John put 45 into his investment club every month for a year at a 5 percent annual interest rate Interest is calculated once at the end of the year How much money was in his account at the end of the y?

Answer 1

If John continues putting $45 into an investment account at 5% interest per annum. He would have earned $567.

We can calculate this by taking his deposits ($45) and multiplying it by the amount of deposits (he does it monthly, so 12 months). This means that at the end of the year, his base savings is $540. Now, we need to add on the interest he'll earn by saving for the year. $540 x 0.05 = $27. Between his savings and interest ($540 + $27), he has earned $567.

Answer 2

Assuming you mean, $45, then John would have earned $27.00 in interest. Interest is calculated using the following formula: rate of interest x initial amount.

John placed $45 into his interest account, every month for 12 months. Thus, he placed a total initial amount of $540. At the end of the year, the interest was applied to a balance of $540, thus giving us $540 x 5% or $540 x 0.05. Which equals, $27. Thus he earned a total of $540 + $27 or $567.

Answer 3

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