Question

Timothy puts $1,500 into a savings account. He receives a 1.35% interest rate from his bank.

If he does not add any money to the account and only collects interest, how much will have have by the time he graduates from high school 40 months later ?

Answer 1

$2310

Explanation:

1500*1.35%=20.25 each month

20.25*40=810

1500+810=2310