Question

Ivanna deposits $600 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first years?

Answer 1

Year 1: 636 (+$36)

Year 2: 674.16 (+$38.16)

Year 3: 714.61 (+$40.45)

Year 4: 757.49 (+$42.88)

Year 5: 802.94 (+$45.45)

Explanation: