Question

reuben deposits $700 into an account that pays simple interest at a rate if 5% per year. How much interest will he be paid in the first 3 years.

Answer 1

Carmen deposits $400 into an account that plays simple interest at a rate of 5% per year. Amount in the account after 5 years:
$400 times (1.05)^5
=$510.51
The interest she will be paid in the first years = $110.51