Pat deposit $600 in his savings account at a simple interest rate of 6% per year for five years. How much money will Pat earn an interest at the end of the five years
To calculate the interest earned at the end of five years, we can use the formula:
Interest = Principal x Rate x Time
Where:
Principal = $600
Rate = 6% = 0.06
Time = 5 years
Interest = $600 x 0.06 x 5
Interest = $180
Therefore, Pat will earn $180 in interest at the end of the five years.