Correct Answer: C
Explanation:
Hassan deposited $50 in a savings bank at the beginning of the year. Hassan’s money earns him interest at the rate of 8 percent of the amount deposited, for each year that Hassan leaves his money in the bank. If Hassan leaves his $50 in the bank for exactly one year and then decides to withdraw all of his money, how much money (including interest) can he withdraw? (The interest is not compounded.)
Interest earned = 8% of 50
= 50 × = 4
Money withdrawn = 50 + 4 = 54