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5 November, 22:41

You have $500 in a saving account that earns 3% simple interest per year. How much money will be in your account in 10 years

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  1. 6 November, 01:53
    0
    3% of $500 is $15.

    Simple interest does not give interest on previous interest given, therefore, interest is only given on the $500 each year.

    So, 10*15 = $150

    $150 + $500 = $650
  2. 6 November, 02:39
    0
    The answer will be $1500 because you change a percent to a decimal and then you multiply $500 by. 3 and then you going answering any multiply it by 10 times
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