Question

3. Ben earns $1200 each summer and puts the money in a savings account with a 4% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer?

(Points : 1)
$4770
$3744
$3175
$2850


Question 4. Josh earns $2700 each summer and puts the money in a savings account with a 4.5% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer?
(Points : 1)
$4770
$8464.50
$9125.70
$12,850


Question 5. Emily deposits $14,500 each year into a retirement account with a 7% simple interest rate. If she deposits the same amount each year, how much money will she have at the end of her fourth year?
(Points : 1)
$17,545
$48,045
$64,090
$75,780

Answer 1

3. $3744

4. $8464.50

5. I do not think that the correct answer is in the options provided.

Answer 2

Answer: The answers are (3). $3744, (4). $8464.50, (5). $62060.

Step-by-step explanation: The calculations are as follows :

(3) Here, P = $1200, r% = 4%, T=3 years.

Therefore, Simple Interest is given by

`S.I.=(PrT)/(100)=(1200* 4* 3)/(100)=144.`

So, the amount of money Ben will have at the end of third summer will be

`A=3P+144=3* 1200+144=3600+144=3744.`

Thus, the amount is $3744.

(4) Here, P = $2700, r% = 4.5%, T=3 years.

Therefore, Simple Interest is given by

`S.I.=(PrT)/(100)=(2700* 4.5* 3)/(100)=364.5.`

So, the amount of money Josh will have at the end of third summer will be

`A=3P+364.5=3* 2700+364.5=8100+364.5=8464.5.`

Thus, the amount is $8464.5

(5) Here, P = $14500, r% = 7%, T=4 years.

Therefore, Simple Interest is given by

`S.I.=(PrT)/(100)=(14500* 7* 4)/(100)=4060.`

So, the amount of money Emily will have at the end of fourth year will be

`A=4P+4060=4* 14500+4060=58000+4060=62060.`

Thus, the amount is $62060.