1 Answer

HI     I ASSUME YOU MEAN SIMPLE INTEREST WHERE INTEREST GAINED EACH YEAR IS NOT ADDED ON TO THE CAPITAL

$30,000 AT 1.9% =  30000 X  1.9/100  =  300 X 1.9 =   $ 570 per YEAR INTEREST

SO IN 5 YEARS YOU WOULD GET  5 X 570 = $2850 INTEREST

IF YOU WANT COMPOUND INTEREST WHERE THE INTEREST IS ADDED ONTO THE CAPITAL EACH YEAR THEN

1ST YEAR     $30,000 X 1.9/100 = $570

2ND YEAR     $30000+570 = 30570 X 1.9/100 = $ 580-83cents

3rd YEAR       $30570 + 580 -83 = $31150 -83 X 1.9/100 = 591.87

4TH YEAR     $31150.83 + 591.87 =  $31742.70 X 1.9/100 = 603.11

5TH YEAR      $31742.7 + 603.11 = 32345.81 X 1.9/100 = 614.57

TOTAL   =       $32345.81 + 614.57 = $32960.38

THEREFORE THE INTEREST WOULD BE   $32960-38 - $30000 =  $2960.38

I HOPE THIS HAS HELPED AS YOU CAN SEE LEAVING THE INTEREST IN  HAS ONLY INCREASED THE INTEREST TOTAL BY   $110-38cents

I HOPE THIS HAS HELPED    MONDEOMAN