You put $500 in a savings account. The account earns 3% simple interest each year. What is the interest earned after 3 years?
What is the balance in your account after 3 years?

Step-by-step explanation:

3% of $500 is $15. And 15 * 3 (the amount of time) is 45.

So you will earn $45 in interest in 3 years.

And your balance after 3 years (taking into the fact that you don’t spend anything) will be 45+500= 545.

There will be $545 in your account after 3 years.

*** simple interest is taking the original amount put in and using it, not taking interest for the money that interest makes over time. (Simple interest will never increase unless you, yourself put more money into the bank account)

Hope this helps!

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