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23-04-2021
Mathematics

contestada

Marvin put $1,500 in a savings account. If the bank is paying an interest rate much of 5% and he leaves the money in the bank for 5 years, how much money will Marvin earn?

Respuesta :

Yasirasaavedra23 Yasirasaavedra23

23-04-2021

Answer:

.60 cents

Step-by-step explanation:

5%= .05 , you get interest payment every 4 months. in 1 year that means you get .05 x3 because 4x3 =12 months

so in a span of 5 years getting paid 3 time a year and only accepting .05 cents . your total adds up to .60 cents

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