mike has 50,000 in his saving account that he earns 2% inrest per year. how much will he have in all in 6 years
+37084 If you are talking about just simple interest :
50000 + 50000 (.02)6 = $ 56000 after six years
IF the interest is added EACH year (compounded annually) then Mike would have
50,000 (1.02)^6 = $ 56308.12 after six years.
