Question

(Givng Good Points!)

Mark deopsits $500 into a bank account. He gets a 3% interest rate. How much money will Mark earn in interest over 5 years?

$150
$750
$75
$10

Answer 1

Simple interest formula :

total = starting amount x (1 + ( interest rate x time))

total = 500 x (1 + (.03 x5))

Total = 575

Interest = 575-500 = 75

answer: $75