You deposit $500 into a savings account. You will earn 3% interest per year. If you are earning simple interest, how much money will you have in your bank account after 5 years?

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asked Mar 25, 2023 197k views

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You deposit $500 into a savings account. You will earn 3% interest per year. If you are earning simple interest, how much money will you have in your bank account after 5 years?

Mathematics
high-school

Lahiru Chandima asked

by Lahiru Chandima

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1 Answer

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Answer:

$575 after 5 years

Explanation

3% of 500= 15

15 × 5= 75

500 + 75= $575

MacMac answered Mar 31, 2023

by MacMac

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