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Maths · P6 · Specimen 01 Maths Questions
· 26 Jun 2026, 12:51
· asked by maxloo
· resolved
SP001 Maths Paper 1 Booklet B - Question 27
John deposited $\$9500$ in a bank for one year.
The interest rate was 3% per year.
How much would he have in the bank at the end of the year?
Ans: $ ______________
Answers
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maxloo · 26 Jun 2026, 19:45
· official answer 1
$\dfrac{103}{100} \times \$9500 = 103 \times \$95 = \$9785$
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maxloo · 26 Jun 2026, 19:45
· official answer 2
Interest earned$$ \dfrac{3}{100} \times \$9500 = \$285 $$
Total amount$$ \$9500 + \$285 = \boxed{\$9785} $$
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maxloo · 26 Jun 2026, 19:45
· official answer 3
Find 1% of the principal$$ \$9500 \div 100 = \$95 $$
Calculate the total amount (100% + 3% = 103%)$$ 103 \times \$95 = \boxed{\$9785} $$
