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Jacob has $50,000 in a savings account. The interest rate is 6% per year and is not compounded. To the nearest cent, how much interest will he earn in 1 year?
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Jacob has $50,000 in a savings account. The interest rate is 6% per year and is not

compounded. To the nearest cent, how much interest will he earn in 1 year?

User Ksumarine
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1 Answer

7 votes
He will earn $3000 in interest in one year. This is because when you find 6 percent of 50000 it is 3000.
User Simon Leyendecker
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