$500 is deposited in a bank account paying 6% simple interest, how much interest will the deposit earn in 4 years?

Drew Kroft asked May 14, 2023

458,479 views

20 votes

Drew Kroft asked May 14, 2023

3.2k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

15 votes

Answer:

It will gain $120, making it $620 in all.

Explanation:

A = 500(1 + (0.06 × 4)) = 620

Shutty answered May 18, 2023

3.3k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers