You deposit $600 into a savings account that earns 6% interest per year. What is the balance after 5 years?

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25-02-2021
Mathematics

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You deposit $600 into a savings account that earns 6% interest per year. What is the balance after 5 years?

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banana1260 banana1260 · Answer 1 · 2021-02-25T19:20:51+01:00

banana1260 banana1260

25-02-2021

First you have to find the amount of interest that you will earn when you deposit $600.
- 600(.06)(5)= $180
Then, to get the total balance after five years you add the amount you deposited plus the amount of interest earned.
- 600+180= $780

$780 is the balance after 5 years

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