If Noah deposits $250 in a savings account that pays a simple annual interest rate of 4%, what will his balance be at the end of 5 years?

Question

asked Jul 20, 2020 136k views

2 Answers

Paul Mikesell · Answer 1 · 2020-07-21T19:09:57+0000

Answer: D

Step-by-step explanation: To find the balance at the end of the 5 years, first find the total amount of interest that Noah's principal will earn.

I= (250) (.04) (5)

I=50

Then add to the balance

$250 + $50 = 300