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OpenStudy (anonymous):
Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest. Year 1 Year 2
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OpenStudy (anonymous):
year 1 = 500 + 0.05 * 500 = $525 year 2 = 500 + 0.05 * 500 * 2 = 550 It is a common mistake to take interest of $525 at end of year 2. But since it is simple interest hence there should not be any compounding, not even at the end of a year.
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