SOLUTION: Carlos deposits $3000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?

SOLUTION: Carlos deposits $3000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?

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Question 352951: Carlos deposits $3000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Use the formula

So he will be paid dollars in interest.

If you need more help, email me at jim_thompson5910@hotmail.com

Also, feel free to check out my tutoring website

Jim
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