Question

Mark invests $500 on a saving plan.The bank pays 5% interest each year on his investment. How much interest will he have after 2 years? (40 points NEED HELP WITH WORK PLS)

Answer 1

551

Explanation:

5% of 500 25

5 of 525 26.25

525+26.25

551.25

Answer 2

Sine interest formula: total = start amount x 1 + interest rate x time)

Total = 500 x (1+ 0.05 x 2)

Total = $550

Interest = 550 - 500 = $50