Question

Grayson has $300 in a savings account. The interest rate is 10% per year and is not compounded. How much interest will he earn in 6 years?

Answer 1

$180

Explanation:

Interest for 1 year = 10% of $300

Interest for 6 years

= (10% × 6) of $300

= 60% of $300

= (60/100) × $300

= 60 × $3

= $180

So, he will earn $180 as interest in 6 years.