question archive Suppose you take that $500
Suppose you take that $500
Subject:BusinessPrice: Bought3
Suppose you take that $500.00 dollars cash and deposit it into a savings account that earns a simple interest rate of 5.5 present annually. The interest is calculated quarterly. You make no other deposits or withdraws. How much interest will you make each quarter? How much interest will you make each year? (hint: use this formula I = prt, t = ¼ and 1 year has 4 quarters)
