SOLUTION: A savings account at a bank gives you 3% interest. If you deposit $500 how much interest will you gain? Solve the scenario.

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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) About Me  (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?