Kendall11111 Kendall11111
  • 12-09-2017
  • Mathematics
contestada

You have $500 in a saving account that earns 3% simple interest per year. How much money will be in your account in 10 years

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fatima47
fatima47 fatima47
  • 12-09-2017
The answer will be $1500 because you change a percent to a decimal and then you multiply $500 by .3 and then you going answering any multiply it by 10 times
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mjensen96 mjensen96
  • 12-09-2017
3% of $500 is $15.
Simple interest does not give interest on previous interest given, therefore, interest is only given on the $500 each year.
So, 10*15 = $150
$150 + $500 = $650
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