Joseph invests money in an account paying a simple interest of 2.9% per year. If he invests $60 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents?

Hi there! I’m here to help you out with your question.

It costs Joseph 2.9% per year in interest.

This is a one step process, do 60 (money he invests) x .029 (interest) and you should get $1.74.

Add $1.74 + $60, and your answer is $61.74.

Thank you and I hope this helped you.