You deposit $70 in a savings account that pays an annual interest rate of 3%. How much simple interest would you earn in 2.5 years?

Mike Causer asked Jul 18, 2023

256,784 views

24 votes

You deposit $70 in a savings account that pays an annual interest rate

of 3%. How much simple interest would you earn in 2.5 years?

Mike Causer asked Jul 18, 2023

2.3k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

22 votes

i think it would be 5.25 because if you multiply the 70$ times the 3% which is 0.03 you get 2.1 and then you multiply the 2.1x2.5

BoSkiv answered Jul 23, 2023

2.6k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers