Answer:
It is a simple interest account
Step-by-step explanation:
As we might see from the given earnings, the amount of money he earned each year is the same as in the previous year. This means that the amount of money is growing linearly instead of exponentialy. This is characteristic to a simple interest account, which is found by using the formula:
I=Prt
where I = interest earned.
P = principal
r = Interest rate
t = time in years,
if we use this formula to calculate the amount of money earned after t years, we can see it will be the same as the values reported:
I=$300(0.02/year)(1year)=$6
I=$300(0.02/year)(2years)=$12
I=$300(0.02/year)(3years)=$18
So this simple interest account.
False. Btw this is a computer and technology question not a mathematic question
