Question

How much interest will you earn by leaving $500 in a savings account for 3 years with an interest rate of 1.5%?

Answer 1

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: 522.5$

:

First calculate yearly interest

500 x 0.015 = 7.5

7.5 x 3(for 3 years) = 22.5

Then add them together!

500 + 22.5 = 522.5

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