reuben deposits $700 into an account that pays simple interest at a rate if 5% per year. How much interest will he be paid in the first 3 years.

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Simeon

Mathematics

30 September, 11:23

reuben deposits $700 into an account that pays simple interest at a rate if 5% per year. How much interest will he be paid in the first 3 years.

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Nicholas Mcguire · Answer 1

Carmen deposits $400 into an account that plays simple interest at a rate of 5% per year. Amount in the account after 5 years:

$400 times (1.05) ^5

=$510.51

The interest she will be paid in the first years = $110.51