Register

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?

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?
48.8k views
22 votes
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
by
8.4k points

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
by
8.5k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!