$500 was deposited into an account at the first of the year. Interest earned was 5%. An additional $15 was deposited each week. How much was in the account at the end of the year?
To calculate the total amount in the account at the end of the year, we need to consider the initial deposit, the weekly deposits, and the interest earned.
First, let's calculate the total amount deposited through weekly deposits:
Since $15 was deposited each week, we need to calculate the number of weeks in a year. There are 52 weeks in a year. Therefore, the total amount deposited through weekly deposits is $15 x 52 weeks = $780.
Next, let's calculate the interest earned on the initial deposit:
The interest rate is given as 5%. To calculate the interest earned, we need to multiply the initial deposit by 5% (or 0.05). Therefore, the interest earned on the initial deposit is $500 x 0.05 = $25.
Now, let's calculate the total amount in the account at the end of the year:
To get the total amount, we need to add the initial deposit, the weekly deposits, and the interest earned. Therefore, the total amount in the account at the end of the year is $500 + $780 + $25 = $1,305.