Question

greg invests 500$ in a savings account that earns 4% simple interest annually. if he does not make any additional deposits or withdrawals, how much money will be in the savings account after 5 years?

Answer 1

Answer:

The answer is 100.

Step-by-step explanation:

4% of $500 is $20.  If Greg collects $20 each year 5 times in a row, he will have earned $100.

Answer 2

Greg will earn $100 dollars