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Athena deposits $500 into a savings account that earns 5.4% simple interest. She will not make any additional deposits or withdrawals. How much interest will Athena earn at the end of 3 years?

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facundobuzzetti

Answer:

Interest earned= $81

Step-by-step explanation:

Giving the following information:

Athena deposits $500 into a savings account that earns 5.4% simple interest.

Number of periods= 3 years

To calculate the interest earned, we need to use the following formula:

I= P*r*t

P= principal

t= number of periods

I= 500*0.054*3

I= $81

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