Posted by joana on Sunday, February 20, 2011 at 3:53pm.
Mr. Jones grosses $500 per week. He has 6% automatically deposited into his savings account. At the end of the year 2% 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?

math  MathMate, Sunday, February 20, 2011 at 4:24pm
6% of $500 = 500*6/100=$30 per week.
At the end of the year, he would have
52*30=$1560 in the account.
If 2% interest is added,
interest = $1560*(2/100)=$31.20
Total balance in the account
= $1560 + $31.20 = $1591.20
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