SOLUTION: A savings account at a bank gives you 3% interest. If you deposit $500 how much interest will you gain? Solve the scenario.
Algebra.Com
Question 908608: A savings account at a bank gives you 3% interest. If you deposit $500 how much interest will you gain? Solve the scenario.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
It depends.
Is it compound interest or simple?
How long do you leave it there?
What is the compounding period?
RELATED QUESTIONS
If you deposit $500 in a bank account that earns 6% per year, how much total interest... (answered by rfer)
"If you deposit $100 in a savings account, and earn 4% interest this year, how much money (answered by stanbon)
You deposit $1640 in a savings account paying 3% simple interest.
How much interest... (answered by Boreal)
How much can you withdraw after 6 months if you deposit $500 into a bank that offers 3%... (answered by Alan3354)
How much can you withdraw after 6 months if you deposit $500 into a bank that offers 3%... (answered by Alan3354)
You deposit $500 into an account earning 3% interest compounded monthly.
a) How much... (answered by ewatrrr)
how much will you have in a savings account if you deposit $4000 for 8 years at 5%... (answered by mananth)
You deposit $2100 in a savings account paying 5.5% simple interest.
How much interest... (answered by ewatrrr)
Today, you deposit $3,400 in a bank account that pays 5 percent simple interest. How... (answered by Boreal,Alan3354)