a boy won a prize £25which he deposited into a bank at an intrest rate of 6%. How much interest did he recive at the end of the year
+6 Depends on when the interest gets paid really.
25 * 1.06 will give you the interest added once.
If interest is added every month you have to take into account the previously added interest so to easily calculate this just do:
25 * 1.06^x where x stands for the number of times interest is added.
So if interest is added every month then over a single year it would be:
25 * 1.06^12 = 50.3 (3.d.p)
= $50.30
