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16 September, 19:28

Ben earns $1500 each summer and puts the money in a savings account with a 6% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer

$4770

$3250

$3175

$2850

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Answers (2)
  1. 16 September, 19:54
    0
    He will have 4770 in his account
  2. 16 September, 21:39
    0
    I believe the answer is A. $ 4,770

    The amount that Ben gets by the first year:

    1,500 + (1,500 x 6%) = 1590

    The amount that Ben gets by the second year:

    (1590+1500) + (3090 x 6%) = 3270.4

    The amount that Ben gets by the third summer

    (3270.4 + 1500 = $ 4770

    The interest rate is not calculated because the Bens till hasn't pass the rest of the year
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