Question

Sam deposits $18,000 each year into a retirement account with a 3.5% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his fourth year?

Answer 1

A=p(1+rt)
A=18,000×(1+0.035×4)+18,000×(1+0.035×3)+18,000×(1+0.035×2)+18,000×(1+0.035×1)=20,520+19,890+19,260+18,630==78,300....answer

Answer 2

Simple Interest Rate
18,000X 0.35X4 =