Patricio deposits $500 in a savings account that pays 1.5% simple interest. He does not withdraw any money from the account, and he makes no other deposits.
How much money does Patricio have in the savings account after 5 yr?
Question
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Answer:$537.50Step-by-step explanation:
- Initial Deposit = $500
- at a 1.5% interest
So . .- 500.00 ×1.5 =7.5
Then . .7.5 is for 1 year so- 7.5 × 5 = 37.5
Then just add 37.50 to 500- Final outcome = $537.50
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Answer: He will have 3750 in 5 years.Step-by-step explanation: You need to do 500×1.5×5. 500 dollars is the amount in the account. 1.5 is the interest. 5 is the amount of years.