Question

1) Russell deposited $650 in a savings account that earns 3% simple annual interest. If he makes no other deposits or withdraws, what will the balance of Russell's account be after 6 years?

A) $117
B) $659
C) $767
D) $1,170

Answer 1

@wolfe8

Answer 2

@kohai

Answer 3

So, you're going to use this formula:

PV * (1+r)^n = FV
Where PV is the present value ($650), r is the rate (3%), n is the time (6)

So it's going to be set up like this:
650 * (1+.03)^5 = FV
650 * 1.03^5 = FV

Then just continue and solve it to get the value