As she enters college, Amy puts $500 in a savings account that earns 3% interest yearly. At the end of 4 years, how much money will be in the account? $507 $700 $570 $70 $1200
Added by Cory M.
Step 1
The interest earned each year is calculated by multiplying the initial amount ($500) by the interest rate (3%) and dividing by 100. Interest earned each year = $500 * 3 / 100 = $15 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Donna Densmore and 81 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
Donna D.
Lindsey invests $250 in a bank account that pays 3% interest each year. How much money will be in her account after one year?
Jeff H.
Quinn deposits $3,000 into a savings account her freshman year of college. She will earn simple interest on the account at 2.56%. If she makes no contributions or withdrawals, what will the accrued value of the account be when she graduates four years later?
Steven C.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD