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

Answer 1

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.