Question

Jake opens a savings account with a deposit of $300. He will earn 1.6% simple interest each year on his money. How much interest will he earn over 5 years (assuming he does not add or take out any money)? *

Answer 1

Answer:$24.00

Explanation:

$300 x 0.016= $4.8

$4.8x5 yrs= $24.00