Amount after a year would be $321
Explanation:
Given:
Principal, P = $300
Rate of Interest, r = 7%
Time, t = 1 year
Amount, A = ?
We know:
[tex]Amount = P(1 + \frac{r}{100} )^t[/tex]
Substituting the value we get:
[tex]A = 300(1+\frac{7}{100} )^1\\\\A = 300 X 1.07\\\\A = 321[/tex]
Therefore, amount after a year would be $321
