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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 -

    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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