Dan has 500 dollars in the bank. His money earns 3 percent interest. If he doesn't deposit or withdraw any money, how much interest will he earn in 8 years?

Question

Mathematics

Guest

15 January, 06:52

Dan has 500 dollars in the bank. His money earns 3 percent interest. If he doesn't deposit or withdraw any money, how much interest will he earn in 8 years?

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Answers (1)

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Lauryn Hurley · Answer 1

It's about simple interest and which is very easy to solve

Simple Interest

Where

P=500

R=3

T=8

S. I=P. R. T/100

S. I=500*3*8/100

S. I=12000/100

S. I=120 $

So answer is 120$ interest will he earn in 8 year

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