$500 was deposited in January @ 5% interest. $15 per week deposited all year long. How much money was in the account at the end of the year?
To calculate the final amount in the account, we need to consider both the initial deposit and the weekly deposits. Let's break it down step by step:
1. Start with the initial deposit: $500 @ 5% interest.
- The interest rate is stated as 5% for the entire year.
- To calculate the interest earned, multiply the initial deposit by the interest rate: (5/100) * $500 = $25.
- Add the interest earned to the initial deposit: $500 + $25 = $525.
2. Consider the weekly deposits: $15 per week for the entire year.
- Multiply the weekly deposit amount by the number of weeks in a year (52): $15 * 52 = $780.
- Add the total weekly deposits to the amount from step 1: $525 + $780 = $1305.
Therefore, at the end of the year, the account would have a total of $1305.