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You deposit $500 into a savings account. You will earn 3% interest per year. If you are earning simple interest, how much money will you have in your bank account after 5 years?…

You deposit $500 into a savings account. You will earn 3% interest per year. If you are earning simple interest, how much money will you have in your bank account after 5 years?…
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You deposit $500 into a savings account. You will earn 3% interest per year. If you are earning simple interest, how much money will you have in your bank account after 5 years?

asked
User Lahiru Chandima
by
8.2k points

1 Answer

4 votes

Answer:

$575 after 5 years

Explanation

3% of 500= 15

15 × 5= 75

500 + 75= $575

answered
User MacMac
by
9.0k points
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