Sam deposits $18,000 each year into a retirement account with a 3.5% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his fourth year?

Question

Helena Mcgrath

Mathematics

9 March, 02:39

Sam deposits $18,000 each year into a retirement account with a 3.5% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his fourth year?

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Answers (2)

Know the Answer?

Efrain Ashley · Answer 1

Simple Interest Rate

18,000X 0.35X4 =

Kathryn Ashley · Answer 2

A=p (1+rt)

A=18,000 * (1+0.035*4) + 18,000 * (1+0.035*3) + 18,000 * (1+0.035*2) + 18,000 * (1+0.035*1) = 20,520+19,890+19,260+18,630==78,300 ... answer