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John deposited $500 in a savings account at an annual interest rate of 5%. If John does not deposit or withdraw any money, what is the amount of interest John will earn in 10 years?
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John deposited $500 in a savings account at an annual interest rate of 5%. If John does not deposit or withdraw any money, what is the amount of interest John will earn in 10 years?

User Hugtech
by
5.7k points

1 Answer

4 votes

Answer:

The answer is 250 in interest.

Explanation:

I=prt, I=(500)(0.05)(10)

User Jafelds
by
6.1k points
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