Justin deposits $500 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 4 years?

1 Answer
Feb 5, 2018

Interest #=$.60#

Explanation:

Deposit #=$.500#
Rate of interest #=3%#
Number of years #=4#

Interest Justin will receive after 4 years #=# deposit#xx#rate of interest #xx# number of years

Interest #=500xx3/100xx4=6000/100=60#