Question

jason deposits $5,000 in the bank that will pay him 4% simple interest annually if jason deposits no more than the initial $5,000 how much money will be in the account at the end of five years?

Answer 1

At the end of 5 years, $6,000 will be in Jason's account.

4%=0.04

`5000*0.04=200 \\ 200*5=1000 \\ 1000+5000=6000`