Question

You desposit $150 in a savings account that earns simple interest at a rate of 5.5% per year. How much will you have earned after 4 years

Answer 1

$150.00 × 5.5%=$8.25

$8.25 × 12 mos. in a year= $99.00

$99.00 × 4 years = $396.00

$396.00 is your answer