Question

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

Answer 1

he will have 4770 in his account 

Answer 2

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