Question

You put 500 dollars into your savings account. Your bank account offers a yearly interest rate of 3.5% and you leave the money in your account for 5 years. How much interest did you earn?

Answer 1

87.5

Explanation:

87.5 because if your earning a 3.5% of the $500 then that means you're earning 17.5 dollars.in an year therefore in five years you multiply the 17.5 x 5 years which will give you at 87.5 so we've had in total you can get to 587.5 dollars