Question

Michael deposited $1,500 into a savings account with a simple interest rate of 2%. How much money will he have in his account after 4 years if no additional deposits or withdrawals are made?​

Answer 1

$1,620

Explanation:

2% per year:

2% of 1,500 = 30

30 x 4 = 120

1500 + 120 = 1620