Question

Ben deposited $6,500 in a simple interest account that pays 2.8% interest annually. If Ben leaves the money in the account for 12 years, how much interest will he earn?

Answer 1

$2,184

Explanation:

$6,500 x 2.8% = annual interest

6,500 x 2.8% = $182 annual interest

$182 x 12 years = interest earned in 12 years.

182 x 12 = $2,184