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I plan on opening a savings account with $500 and leaving it in the account for 2 years. If the bank is going to pay me an interest rate of 3%, how much money will I have in the…

I plan on opening a savings account with $500 and leaving it in the account for 2 years. If the bank is going to pay me an interest rate of 3%, how much money will I have in the…
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22 votes
I plan on opening a savings account with $500 and leaving it in the account for 2 years. If the bank is going to pay me an interest rate of 3%, how much money will I have in the account at the end of 2 years?

A. $30
B. $300
C. $530
D. $800

asked
User Ian Bytchek
by
7.9k points

2 Answers

8 votes

C. 530

500 x 2 x 3%

500 x 2 x .03

1000 x .03

30

30 + 500 = 530

answered
User Crushman
by
7.9k points
6 votes
The answer would be C
answered
User Thomasmeadows
by
8.1k points
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