Answer:
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time in years
I = interest after t years
Considering the first account,
T = 1 year
P = $10000
R = 5%
I = (10000 × 5 × 1)/100 = $500
The total amount = 10000 + 500 = $10500
he moved the total amount to a new account earning 6% interest. Therefore,
P = 10500
R = 6%
T = 1
I = (10500 × 6 × 1)/100 = $630
The amount of money that Marty would have at the end of the second year is
630 + 10500 = $11130
