Question

Ben deposited $650 from his pressure washing business into a savings account. The simple interest rate paid by the bank is 3.5%. If Ben makes no deposits or withdrawals, how much interest will he earn in 4 years?

Answer 1

Simple interest of Ben :

`(\$650 * 3.5\% * 4years)/(100) = (9100)/(100) = \$91 \\`

Ben earn $91 in 4 years.