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Bill deposits $500 into an account that pays simple interest at a rate 6% per year. How much will he be paid in the first 5 years?
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Bill deposits $500 into an account that pays simple interest at a rate 6% per year. How much will he be paid in the first 5 years?

User Guido Gautier
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2 Answers

2 votes
The answer is $650
Hope this helps
User David Macek
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4.8k points
1 vote
The answer is A=$650

The equation to solve this is: A=P(1+rt)

More specific to this problem:
A = 500(1 + (0.06 × 5)) = 650
A = $650.00
User SeeTheC
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4.2k points
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