SOLUTION: On your birthday, you placed $500 in an account bearing 6% simple interest per year. One year later, you placed another $500 in the same account. How much is in the account one ye

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Question 1026201: On your birthday, you placed $500 in an account bearing 6% simple interest per
year. One year later, you placed another $500 in the same account. How much is in the account one year after that?
Found 2 solutions by fractalier, MathTherapy:
Answer by fractalier(6550)   (Show Source): You can put this solution on YOUR website!
Simple interest is found by
I = Prt
We will add the two investments.
I = 500(.06)(2) + 500(.06)(1) = 90
Thus you will have
$1090 in your account after the two years.
Answer by MathTherapy(10555)   (Show Source): You can put this solution on YOUR website!

On your birthday, you placed $500 in an account bearing 6% simple interest per
year. One year later, you placed another $500 in the same account. How much is in the account one year after that?
You start the 2nd year with $530 + 500, or $1,030

$1,030 + $1,030 @ 6% for 1 year =  

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