SOLUTION: If a savings account pays 3% simple annual interest, a deposit of $250 will earn in 2 years?

SOLUTION: If a savings account pays 3% simple annual interest, a deposit of $250 will earn in 2 years?

Algebra.Com

Question 858480: If a savings account pays 3% simple annual interest, a deposit of $250 will earn in 2 years?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Interest earned:

I = P*r*t

I = 250*0.03*2

I = 15

You will earn 15 dollars in interest.

So overall, your account will have 250+15 = 265 dollars in it. This is assuming no deposits or withdrawals are made within the 2 year period.
RELATED QUESTIONS
You deposit $70 in a savings account that pays an annual interest rate of 3%. How... (answered by checkley77)

you deposit $70 in a savings account that pays an annual interest rate of 3%. how much... (answered by solver91311)

you deposite $520 in a savings account that pays a simple interest of 3.25%.how much... (answered by rfer)

Deposit $120 in a savings account that pays an annual interest rate of 2.5%. How much... (answered by mananth)

Steve's bank pays an annual interest rate of 2.8 percent on a savings account. The... (answered by ewatrrr)

You deposit $1640 in a savings account paying 3% simple interest. How much interest... (answered by Boreal)

Suppose you deposit 160 dollars in a savings account that pays an annual rate of 9%.... (answered by rfer)

A savings account in the Emigrant Savings Bank in New York now earns 2.25% simple... (answered by josmiceli)

how much money will you have in 2 1/2 years if you deposit $2,000 into a savings account... (answered by ewatrrr)