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29 September, 09:00

Joey opened a saving account that pays 6.5% simple interest. how much money will be in joeys account after 3 years if he deposited $250 at the beginning and never made any deposits or withdraws?

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  1. 29 September, 09:48
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    I=PRT

    Where

    P is Price/Principle Amount

    R is Rate

    T is Time in years

    I=250*0.065*3

    =48.75

    At the end of 3 years, he will have:

    $250+$48.75

    =$298.75
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