Mrs raja invested 50000 in a fixed deposit account the interest rate was 2.8 percent how much money was in the account after 1 year
To calculate the interest earned on the fixed deposit, we can use the formula:
Interest = Principal * Rate
where Principal is the initial investment amount and Rate is the interest rate.
Interest = 50000 * 0.028 = 1400
After one year, the total amount in the account will be the sum of the initial investment and the interest earned:
Total amount = Principal + Interest = 50000 + 1400 = 51400
Therefore, there will be $51,400 in the account after 1 year.