Question

Joe invests $3000 in a savings account for a period of 5 years. The account pays simple interest at the rate of 2% per year. Calculate the amount in his savings account after 5 years, assuming he makes no other withdrawls or deposits.

Answer 1

$3300

because the 2% is for each years you have to find the interest first so u do 0.02×3000×5 and you get 300

when u add it up it becomes

3300