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  1. 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

Verified Answer :

Saby
  1. $3744

    4. $    8464.50

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

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

\(S.I.=\dfrac{PrT}{100}=\dfrac{1200\times 4\times 3}{100}=144.\)

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

\(A=3P+144=3\times 1200+144=3600+144=3744.\)

Thus, the amount is $3744.

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

Therefore, Simple Interest is given by

\(S.I.=\dfrac{PrT}{100}=\dfrac{2700\times 4.5\times 3}{100}=364.5.\)

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

\(A=3P+364.5=3\times 2700+364.5=8100+364.5=8464.5.\)

Thus, the amount is $8464.5

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

Therefore, Simple Interest is given by

\(S.I.=\dfrac{PrT}{100}=\dfrac{14500\times 7\times 4}{100}=4060.\)

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

\(A=4P+4060=4\times 14500+4060=58000+4060=62060.\)

Thus, the amount is $62060.


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