Question

Erika deposits

$
60.00
$60.00 into a new savings account.

• The account earns
7.5
%
7.5% simple interest per year.
• No money is added or removed from the account for
5
5 years.

What is the total amount of money in her savings account at the end of
5
5 years?

Answer 1

$322.50

Explanation:

7.5% of 60 is 4.5

Add 4.5 to 60 which is 64.5

Multiply by 5:

64.5 times 5 is 322.5

in money form is $322.50