Sophia.13
Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest.
Year One | | | | |
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Year Two | | | | |
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Mertsj
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First find the interest for 2 years by using the formula interest = principal times rate times time.
Sophia.13
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Thats $551.25 right?
Mertsj
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What is 500 times .05 times 2?
Sophia.13
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50
youarestupid
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yes that is correct
youarestupid
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I checked with my teacher because I am in a hurry
Sophia.13
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oh ok. thanks, but i dont know what to put in the table |:
Mertsj
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The amount after each quarter I suppose.
Sophia.13
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oh ok
thanks
Mertsj
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yw