Question

If Buddy invests $500 in a savings account that pays 2% interest. How much interest will he make after 5 years?

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Answer 1

Answer: At the end of 5 years, your savings will have grown to $552.

You will have earned in $52.04 in interest.

Answer 2

• $50

Explanation:

Assumed it is a simple interest.

2% for 5 years is:

• 2% * 5 = 10%

10% on $500 is:

• $500*10/100 = $50