Question

Elena opens an account at a credit union with a deposit of 400.00 dollars. The account pays 2% simple interest. Elena does not withdraw any money from the account and she makes no other deposits. How much money is in Elenas credit union account after 6 years?

Answer 1

$448

Explanation:

You need to find 2% of 400.00, so you would do this: 0.02 · 400 = 8

That means $8 is 2% of 400, so all you need to do is multiply 8 by 6 to get 48. Add that number to the original $400, and you get $448.