Question

The formula, A = P + Prt, can be used to find the amount of money (A) in a savings account, where P is the initial deposit, r is the interest rate, and t is the time in years. Jonathan deposits $400 into a new savings account with an interest rate of 3%. He makes no other deposits or withdrawals. How much money, in dollars, will Jonathan have in the account after 1 year?

Answer 1

it can be set up like this A=400+400(0.03)(1)

Answer 2

Then you just solve it by doing 400*0.03 = ? then ?*1=? then adding it to 400 to get the total amount of money saved