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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?
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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?

User Ngasull
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10 votes
10 votes
500*4 = 2,000. Since his savings account earns 4% simple interest annually he would have 2000 in his account after 3 years since he didn’t make any deposits or withdrawals.
User Jake Drew
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