Question

You have $500 in a saving account that earns 3% simple interest per year. How much money will be in your account in 10 years

Answer 1

The answer will be $1500 because you change a percent to a decimal and then you multiply $500 by .3 and then you going answering any multiply it by 10 times

Answer 2

3% of $500 is $15.
Simple interest does not give interest on previous interest given, therefore, interest is only given on the $500 each year.
So, 10*15 = $150
$150 + $500 = $650