SOLUTION: the student deposited 1,500 into a saving acount that earns 6 percent of simple interest. what is the ending balance for the second year

SOLUTION: the student deposited 1,500 into a saving acount that earns 6 percent of simple interest. what is the ending balance for the second year

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Question 929630: the student deposited 1,500 into a saving acount that earns 6 percent of simple interest. what is the ending balance for the second year
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
the student deposited 1,500 into a saving acount that earns 6 percent of simple interest. what is the ending balance for the second year
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A(t) = P(1+rt)
A(2) = 1500(1+0.06*2) = 1500(1.12) = $1680
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Cheers,
Stan H.
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