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31 August, 10:50

Linda deposits $500 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 4 years?

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  1. 31 August, 14:16
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    Assuming that she deposits $500 and forgets about it, here is what she would get after 4 years:

    Year 1 - $500 * 1.04 = $520

    Year 2 - $520 * 1.04 = $540.80

    Year 3 - $540.80 * 1.04 = $562.432

    Year 4 - $562.432 * 1.04 = $584.92928

    Aftere four years. Linda would be paid $84.93
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