Your grandparents send you a check for $150 for your birthday. You deposit the check into your savings account which has a balance of $1,255. How much money will you expect to have in your account in one year if the interest rate is 2.5% and you don’t take any money out?

You can expect to have $1,442.76 in your savings account after one year if you don't take any money out and the interest rate is 2.5%.

It is the interest we earned on the interest.

The formula for the amount earned with compound interest after n years is given as:

A = P [tex](1 + r/n)^{nt{[/tex]

P = principal

R = rate

t = time in years

n = a number of times compounded in a year.

We have,

If you deposit the $150 birthday check into your savings account, your initial balance becomes:

$1,255 + $150 = $1,405

If the interest rate on the savings account is 2.5%, this means that the account earns interest at a rate of 2.5% per year.

To calculate how much money you will have in the account after one year, we can use the following formula:

[tex]A = P(1 + r/n)^{nt}[/tex]

where:

A is the amount of money in the account after one year

P is the initial balance ($1,405)

r is the interest rate (2.5% or 0.025 as a decimal)

n is the number of times the interest is compounded in a year (assuming the interest is compounded annually, n = 1)

t is the time in years (1 year)

Substituting these values into the formula, we get:

A = $1,405(1 + 0.025/1)^(1*1)

A = $1,442.76

Therefore,

You can expect to have $1,442.76 in your savings account after one year if you don't take any money out and the interest rate is 2.5%.

Learn more about compound interest here:

https://brainly.com/question/13155407

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