A student's parents invested $3,000in a college savings account that pays 5.06% annual simple interest. No additional deposits or withdrawals will be made.
What is the amount of interest made after 10 years?
$1,518
An employee put $7,000 in a retirement account that offers 8% interest compounded annually. What is the total amount the employee will have earned at the end of 5 years?
$10,285.30
Madison deposited $1,000 into an account and earns 3.24% simple interest on the money in the account. What was the balance in Madison's account after 10 years?
$1,324.00
Kelly deposits $4,000 into her savings account and earns 2.6% interest compound annually. How much interest will she earn after 5 years?
$547.75
Thomas will deposit $200 into an account that ears 10% simple interest every year. His sister Amy will deposit $500 in an account that earns 7% compounded annually. What is the difference between their accounts by the end of 2 years?
$332.45