Question

Joseph invests money in an account paying a simple interest of 2.9% per year. If he invests $60 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents?

Answer 1

Hi there! I’m here to help you out with your question.

It costs Joseph 2.9% per year in interest.

This is a one step process, do 60 (money he invests) x .029 (interest) and you should get $1.74.

Add $1.74 + $60, and your answer is $61.74.

Thank you and I hope this helped you.