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21 April, 07:43

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

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Answers (2)
  1. 21 April, 07:59
    0
    C. 52,250 i think i hope
  2. 21 April, 08:04
    0
    Use the formula for simple interest and then add that interest to the initial amount:

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