To calculate the interest earned at the end of five years, we can use the formula:
Interest = Principal x Rate x Time
Where:
Principal = $600
Rate = 6% = 0.06
Time = 5 years
Interest = $600 x 0.06 x 5
Interest = $180
Therefore, Pat will earn $180 in interest at the end of the five years.
Pat deposit $600 in his savings account at a simple interest rate of 6% per year for five years. How much money will Pat earn an interest at the end of the five years
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