Question

Your parents have given you a gift of $2,000. If you decide to put this money in the bank, where it will earn 5% interest each year, how much money will you have in 5 years?

Answer 1

2000 *5÷100=100×5=500

Answer 2

We all aware the formula,

I=ptr÷100

P=2000 ;r= 5%; t=5 year

I=(2000×5×5)÷100

I=500

Total money is 2000+500=2500