SOLUTION: carlos deposits $500 into an account that pays simple interest at a rate of 6% per yer. how much interest will he be paid in the first five years?

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Question 599300: carlos deposits $500 into an account that pays simple interest at a rate of 6% per yer. how much interest will he be paid in the first five years?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
A = P(1+rt)

A = 500(1+0.06*5)

A = 500(1+0.3)

A = 500(1.3)

A = 650

So he'll have $650 in the first five years.