Question

can someone help me i did what i was suppose to do but i got the answer wrong ... Help me pleaseee

Answer 1

I plan on opening a savings account with $500 and leaving it in the account for 2 years. If the bank is going to pay me an interest rate of 3%, how much money will I have in the account at the end of 2 years?
A. $30
B. $300
C. $530
D. $800

Answer 2

i got A

Answer 3

Monthly, yearly, etc?

Answer 4

someone said i had to times the interest and the percent and then times the year and i got 30 but it said the answer was wrong idk what im doing wrong..

Answer 5

$30 is the amount of interest you earn in the 2 years

You have to add that back onto the original balance of $500 to get 500+30 = 530 dollars

Answer 6

oh ok i get it now ! thank you sooo much!

Answer 7

np

Answer 8

can you help me again ?

Answer 9

sure

Answer 10

thanks :)

Answer 11

If I invest $1,000 at an 8.5% interest rate, how much money will I earn over 6 years?

Answer 12

how much interest do you earn

Answer 13

im not sure... it does not say

Answer 14

well if you earn 8.5% interest yearly, then how much do you earn in a year?

Answer 15

85???

Answer 16

how much do you earn in 6 years?

Answer 17

ooo i got it ;) is it 510??

Answer 18

that's how much interest you earn in 6 years

Answer 19

so you got it

Answer 20

extra bit of info: the amount in the account in 6 years will be 1000+510 = 1510 dollars

Answer 21

thank you so much !!!

Answer 22

keep in mind that this is using simple interest

most banks use compound interest, but simple interest is a good place to start

Answer 23

yw