Question

1

Michael deposited $300 in a savings
account that paid 6% simple interest.
He made no deposits or withdrawals
for 5 years.
a. How much interest did Michael
earn in 5 years?
b. How much money was in Michael's
account at the end of 5 years?

Answer 1

If the simple interest is 6% then A is $90.00 and B is $390.00.

Explanation:

Answer 2

$401.47

Explanation:

1st year: 300+6%=318

2nd Year: 318+6%= 337.08

3rd Year: 337.08+6%= 357.30

4th Year: 357.30+6%= 378.74

5th Year= 378.74+6%= 401.47