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Fiesta28 [93]
3 years ago
11

You deposit $300 in a savings account. The account earns 2% simple interest per year. What is the interest and balance earned af

ter 10 years?
Mathematics
1 answer:
kenny6666 [7]3 years ago
6 0

Answer:

$365.70

Step-by-step explanation:

The formula to find this is y = a(1+r)^t\\

For this, a is the initial amount, r is the growth rate percentage (but displayed as a decimal), and t is time.

So to solve, you would do

y = 300(1+0.02)^10\\y = 300(1.02)^10\\y = 365.698325998\\OR\\y = $365.7 in interest

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