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Trey deposits 5000 into an account that pays simple interest at an annual rate of 2%. he does not make any more deposits. he makes no withdrawals until the end of 6 years when he withdraws all the money

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adioabiola

The simple interest Trey earns if he makes no additional deposit or withdrawal for a period of 6 years is 600

How to calculate simple interest?

  • Principal = 5,000

  • Rate = 2%

= 2/100

= 0.02

  • Time = 6 years

Simple interest = principal × rate × time

= 5000 × 0.02 × 6

= 600

Therefore, the simple interest Trey earns if he makes no additional deposit or withdrawal for a period of 6 years is 600

Learn more about simple interest:

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