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Popular Word Problems >

Kate has 30, 000 in a savings account that earns 2% interest per year.The interest is not compounded.How much interest will she earn in 5 years?

Solution

K a t e ha s 30, 000 in a s a v in g s a cco u n t t ha t e a r n s 2% in t eres t p er ye a r . T h e in t eres t i s n o t co m p o u n d e d . Ho w m u c h in t eres t w i ll s h e e a r n in 5 ye a rs ?

Solution

Interest : 3000

Solution steps

Translate the problem into an equation:

I = 30000 \cdot 0.02 \cdot 5

Simplify

I = 30000 \cdot 0.02 \cdot 5

Interest : 3000

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