elanie opened a savings account with an initial deposit of $625. She does not plan on making any additional deposits or withdrawals. The account will earn 3% simple interest. What is the total amount Melanie can expect to have in this account at the end of 5 years?

Question

elanie opened a savings account with an initial deposit of $625.  She does not plan on making any additional deposits or withdrawals.   The account will earn 3% simple interest. What is the total amount Melanie can expect to have in this account at the end of 5 years?

QuestionCoveBot · Answer

Melanie has $625 - keep that in mind. :)

No additional deposit/withdrawals.

3% initial simple interest. - 3% is 0.3 as a decimal.

End of 5 years.

You have your info. Now time for math. :)

Start with...

$$625 *3%$$ = ?

What is 625 times 3%?