Question

Pleas help ill give brainiest

Answer 1

Given:

Initial amount in the account = $1,000

Interest rate = 3.25%

Since the type of interest is simple, 3.25 % of 1000 will be added to that account every year with no increase in the incrementing amount

Amount increased in 18 years:

Amount increased every year = 3.25 * 1000 / 100  = $32.5

Amount increased in 18 years = amount gained in 1 year * 18

Amount increased in 18 years = 32.5 * 18 = $585

Total amount in John's bank account at the age of 18:

Initial amount + amount increased in 18 years

1000 + 585

$1,585