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

Question

Mathematics

Alfred Haynes

Yesterday, 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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Answers (2)

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Daphne Baxter · Answer 1

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

Maleah Joyce · Answer 2

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