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Studentka2010 [4]
3 years ago
11

You deposit $500 into a bank account that pays 2% simple interest. You leave the money in the account for 3 years and no additio

nal money is added or withdrawn. How much money will you have in the account at the end of the three ywars? (The formulafor simple interest is I=Prt)
Mathematics
1 answer:
Natasha_Volkova [10]3 years ago
4 0

\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ t=years\dotfill &3 \end{cases} \\\\\\ I=(500)(0.02)(3)\implies I=30~\hfill \stackrel{\textit{total amount in the account}}{500+30\implies 530}

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