An account with $600 earns 4% simple interest per year. The next year all the money is put into a new account that earns 4.5% si
mple interest per year. How much money does the account have at the end of the second year? Explain.
2 answers:
[First Year]
$600 • 0.04 • 1 year
600 • 0.04 = 24 • 1 = 24
[Second Year]
$600 • 0.045 • 1 year
600 • 0.045 = 27 • 1 = 27
24 + 27 = $51
I believe this is correct and I hope this helps! :)
Answer:
The account will have $51 at the end of the second year.
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