Question

Mr. Jones grosses $800 per week. He has 6% automatically deposited into his savings account. At the end of the year 3% is added to the account. How much will he have in his savings account at the end of the first year after the interest is added?

Answer 1

Assuming he's paid $800 a week --

800 * 0.06 * 52 = $2,496

2496 * 1.03 = 2,570.88

Answer 2

2287389