Question

Ben earns $1500 each summer and puts the money in a savings account with a 6% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer
$4770

$3250

$3175

$2850

Answer 1

I believe the answer is A. $ 4,770

The amount that Ben gets by the first year:

1,500 + (1,500 x 6%)  = 1590

The amount that Ben gets by the second year: 

(1590+1500)  + (3090 x 6%) = 3270.4

The amount that Ben gets by the third summer

(3270.4 + 1500 = $ 4770 

The interest rate is not calculated because the Bens till hasn't pass the rest of the year

Answer 2

He will have 4770 in his account