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Keiko deposits $3000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 5 years?
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5 votes
Keiko deposits $3000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 5 years?

User Sondergaard
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1 Answer

3 votes

Answer:

Explanation:

Simple interest is not compounded and is

I=Prt (where I=interest, P=principle, r=rate, t=time)

I=3000(.02)5

I=$300

User Dellowar
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