M has put $500 into a savings account that pays 2% annual interest. How much will her $500 be worth after 2 months?

so m puts in 500 dollars it's 2% or 2/100 in a year or 12 months so in 2 months or 1/6 year she will get 2/600=0.33% so 0.33% of 500=1.6666 1.6666+500=501.666 that's great considering that after 4 years saving at wells fargo I only got 16 cents interest

Answered by apologiabiology | 2024-06-10

first form an equation: 500+(500*0.02x)=y 2% is the annual interest so 2 months would be 1/6 (of 2%. 2% of $500 is $10. 1/6 of of $10 is $1.67. Add that to your initial $500, and you get $501.67, so your $500 dollars will be worth $501.67 after 2 months

Answered by LittleMissPini | 2024-06-10

M's $500 will be worth approximately $503.33 after 2 months at a 2% annual interest rate. The interest earned over this period is around $3.33. By calculating the monthly interest and multiplying it by 2 months, we arrive at this total value.
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Answered by apologiabiology | 2024-10-15