Question

Greg invests $500 in a savings account that earns 4% simple interest annually. If he does not make any additional deposits or withdrawals, how much money will be in the savings account after 3 years?

Answer 1

Answer:$562.43

Explanation:

500x1.04= 520 because 4% interest means multiplying by 1.04

520x1.04=540.8

540.8x1.04=562.43 (1dp)