Jessica deposits $2000 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 5 years?$

Question

Jessica deposits $2000 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 5 years?$
🧐 Not the exact question you are looking for?Go ask a question

Solution 1

To calculate the simple interest, you can use the formula:

Interest = Principal x Rate x Time

where:

  • Principal is the initial amount of money that was deposited or loaned. In this case, it's $2000.
  • Rate is the annual interest rate. In this case, it's 3% or 0.03 when expressed as a decimal.
  • T Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

This problem has been solved

Similar Questions

Jessica deposits $2000 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 5 years?$

Maria deposits $400 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 2 years?

Joe deposits $7000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 6 years?$

Adam invests £450 into an account that pays 3.25% compound interest per year.Work out how much Adam will have in the account after 24 years.

Daisy invests $14 000 in a fixed deposit account at a local bank. The interest rate is 1.4% per year. How much money will she have in the account after 1 year?

1/3