Question
A man deposits $5,000 in account paying 7% simple interest. He makes three more deposits of $2,000 each at two months interval. How much is the account at the end of one year?
Answers
oobleck
the interest earned is
(5000 * 0.07) + (7000 * 0.07 * 10/12) + (9000 * 0.07 * 8/12) + (11000 * 0.07 * 6/12) = 1563.33
So the final balance is _____
(5000 * 0.07) + (7000 * 0.07 * 10/12) + (9000 * 0.07 * 8/12) + (11000 * 0.07 * 6/12) = 1563.33
So the final balance is _____