Bill deposits $500 into an account that pays simple interest at a rate 6% per year. How much will he be paid in the first 5 years?

Question

Bill deposits $500 into an account that pays simple interest at a rate 6% per year. How much will he be paid in the first 5 years?

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Orla Orla 7 months 2021-07-17T07:08:34+00:00 2 Answers 0 views 0

Answers ( )

    0
    2021-07-17T07:09:39+00:00

    The answer is A=$650

    The equation to solve this is: A=P(1+rt)

    More specific to this problem:
    A = 500(1 + (0.06 × 5)) = 650
    A = $650.00

    0
    2021-07-17T07:10:21+00:00

    The answer is $650
    Hope this helps

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