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

## Answer This Question

## Related Questions

- math - Mr. Jones grosses $800 per week. He has 6% automatically deposited into ...
- Math - (a) Themba wants to deposit a sum of money into a savings account so that...
- Math - a person deposited $500 in a savings account that pays 5% annual interest...
- math - 37. A person deposited $500 in a savings account that pays 5% annual ...
- Math - A person deposited $500 in a savings account that pays 5% annual interest...
- math - 37. A person deposited $500 in a savings account that pays 5% annual ...
- math - a person deposited $500 in a savings account that pays 5% annual interest...
- pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...
- Personal Finance - Mary just deposited $33,000 in an account paying 7% interest...
- math - if you invest 500 dollars in a savings account that pays 8% interest per ...

More Related Questions