You Will Have . . .

First we need to figure out how much money will be in your bank account.

You are making deposits of $200 each month.

Over the course of the year you will deposit $2400.00 (because $200.00 x 12 months = $2400.00).

You also made a deposit of $500.00 initially.

$500.00 + $2400.00 = $2900.00

This means that your principle is $2900.00, your rate is 9.3% and your time is 1 year.

$2900.00 x .093 x 1 = $269.70

$2900.00 + $269.70 = $3169.70

At the end of one year you will have $3169.70 in your bank account.