* The answer is in the explanation below*
Simple interest is calculated only on the initial amount (principal) that you invested.
Example: Suppose you give $100 to a bank which pays you 5% simple interest at the end of every year. After one year you will have $105, and after two years you will have $110. This means that you will not earn an interest on your interest. Your interest payments will be $5 per year no matter how many years the initial sum of money stays in a bank account.
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How much will an investment of $500 be worth in the future?
Initial investment: $500
Yearly deposits: $0
Interest rate: 6.00%
Years Invested: 20
At the end of 20 years, your savings will have grown to $1,604.
You will have earned in $1,104 in interest.
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D. 23/30 This is saying that out of 30 days, 23 of them she saw a ladybug, which means that each day, there is a 23/30 chance of finding one.
The answer is 3.15 rounded to the hundredths.
