Question

After retirement, molly deposits $500,000 in a local bank in merrina. at an interest rate of 4 percent, she will receive approximately _____ after 3 years.​

Answer 1

The total Interest Amount on the Principal Amount Deposited is as per the formula I=Prt, where, I is the interest P is the Principal Amount Deposited r is the Rate of Interest t is the Time for which the money is deposited I=(500,000)x(0.04)x(3) = 60,000 Total Amount Received = Principal Amount + Interest Amount Total Amount = 500,000 + 60,000 = 560,000 Thus, Molly will receive a total amount of $560,000