Sam deposits 18,000 each year into 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 the year?

A. 13,625

B. 26,725

C. 52,250

D75,780

Question

21 April, 07:43

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Answers (2)

Know the Answer?

Madyson Shannon · Answer 1

Madyson Shannon 21 April, 07:59

0

C. 52,250 i think i hope

Rory Garcia · Answer 2

Use the formula for simple interest and then add that interest to the initial amount:

$18000 + $18000 (0.035) (1) = $18630 (answer)

Sam deposits 18,000 each year into 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 the year?A. 13,625B. 26,725C. 52,250D75,780