SOLUTION: Jack put $500 in the bank. It paid 2% simple interest for 6 months. How much did he have in the bank in 6 months?

Question 73695: Jack put $500 in the bank. It paid 2% simple interest for 6 months. How much did he have in the bank in 6 months?
Answer by bucky(2189) (Show Source): You can put this solution on YOUR website!
At the end of the 6-month period the bank calculated 2% or .02 or 2 dollars for every hundred
dollars Jack had on deposit and added that much to his account.
.
.02 times 500 dollars = .02*500 = $10
.
Or you could think about it this way, for every 100 of Jack's the bank had they would
give Jack 2 dollars at the end of 6 months. Since Jack had 5 times 100 dollars the bank
would give him 5 times 2 dollars which again equals $10.
.
So, to answer the problem, Jack had $510 dollars in his account at the end of 6 months.
.
Your money can make money for you and all you have to do is sit back and let it happen.
.
Hope this helps you to see your way through this problem.
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