$ 500.00 at 2 % for 1 year ?

Question

$ 500.00 at 2 % for 1 year ?

Answer 1

2% of $500.00 is $10.00

Answer 2

$10.00  You will have $510.00 after the year. Before tax of course.

Answer 3

Well you didn't make it clear but if it was monthly it would be high, if it was yearly, it would be really c**p, check the sums below;

Monthly:

January - $510.00

February - $520.20

March - $530.60

April - $541.22

May - $552.04

June - $563.08

July - $574.34

August - $585.83

September - $597.55

October - $609.50

November - $621.69

December - $634.12

If 2% is added each month with both interest and $500 in the bank you would have made $134.12 in one year.

Yearly;

1st - $510.00

2nd - $520.20

3rd - $530.60

Yep, continues say as monthly...

Answer 4

500 x .02=10