Question

joey opened a saving account that pays 6.5% simple interest. how much money will be in joeys account after 3 years if he deposited $250 at the beginning and never made any deposits or withdraws?

Answer 1

I=PRT
Where
P is Price/Principle Amount
R is Rate
T is Time in years
I=250×0.065×3
=48.75
At the end of 3 years, he will have:
$250+$48.75
=$298.75