$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

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20 votes

Drew Kroft asked May 14, 2023

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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

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