Question

I plan on opening a savings account with $500 and leaving it in the account for 2 years. If the bank is going to pay me an interest rate of 3%, how much money will I have in the account at the end of 2 years?

Answer 1

Answer:

$530

Step-by-step explanation:

We will slove this by simple interest .

S.I = Principle ×rate of interest ×time /100

so , 500×3×2/100

=$30

=$500+$30=$530

hence it will $530 at the end of two years.