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19 May, 15:55

Mike put $3,000 in a savings account at a simple interest rate of 4%. If Mike does not add or remove any money from the savings account, about how much money will Mike have in his savings account after 8 years?

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Answers (2)
  1. 19 May, 16:04
    0
    1 year of interest = 4% of 3000 = 120

    8 years of interest = 120 x 8 = $960

    Total in the account after 8 year s = $3000 + $960 = $3960
  2. 19 May, 16:06
    0
    I think the answer is 3960
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