Monica Perez $3000 in a savings account that pays 3.3% simple interest Manuel put $3000 in a savings account that pays 3.3 inter
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Answer:
The amount after a time period of 5 years is $287.5.
Step-by-step explanation:
Principal Amount deposited = $250
Time = 5 Years
Rate of interest = 3%
Now, SIMPLE INTEREST =
⇒
or, the interest amount after 5 years = $37.5
Now, AMOUNT = PRINCIPAL + INTEREST
= $250 + $37.5 = $287.5
Hence the amount after a time period of 5 years is $287.5.