Question

5) Tess deposited $500 in an account that earns 6% annual simple interest. She leaves the money in the account for 4 years. What will be the balance If Tess makes no withdrawals or deposits to the account? *

Answer 1

Answer: $620

Explanation:

500 + 6

500 • 0.06 = 30

30 • 4 = 120

120 + 500 = 620

$620