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Josh deposits $700 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 3 years?

Josh deposits $700 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 3 years?
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5 votes
Josh deposits $700 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 3 years?

User Rumtscho
by
8.4k points

1 Answer

5 votes

Answer:

Josh will earn $42 each year. So, after 3 years, he will have earned $126 in interest.

Explanation:

User Pargat
by
8.6k points
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