Ben deposited $6500 in a simple interest account that pays 2.8% interest annually. If Ben leaves the money in the account for 12 years how much interest will he earn?

Question

asked Jan 17, 2021 82.1k views

1 Answer

Ulrik · Answer 1 · 2021-01-21T13:47:31+0000

Answer: $2184

Explanation:

2.8% interest annaully

Deposit $6500

Annaully interest

2.8% x $6500 / 100

= $182

Interest after 12 years.

Principal x Rate x Time/100

= $6500 x 2.8% x 12 /100

= $2184