Question

aiden opens a savings account with a deposit of 4,500. the account pays 3% simple interest. if aoden does not make any more deposits or withdrawls, how much money will he have on the account at the end of the two years?

Answer 1

Aiden will have $4,770 in his account at the end of two years with a 3% simple interest rate and an initial deposit of $4,500 without any additional transactions.

Step-by-step explanation:

Aiden opens a savings account with a deposit of $4,500. The account pays 3% simple interest. We want to calculate how much money Aiden will have in the account at the end of two years without making any additional deposits or withdrawals.

To calculate the total amount in a savings account with simple interest, the formula is:

A = P(1 + rt)

Where:

• P is the principal amount (the initial amount of money)
• r is the annual interest rate (in decimal form)
• t is the time the money is invested or borrowed for, in years
• A is the amount of money accumulated after n years, including interest.

If Aiden's account pays 3% simple interest, and he leaves the money for two years, the total amount of money, A, can be calculated by:

A = $4,500 × (1 + (0.03 × 2))

A = $4,500 × (1 + 0.06)

A = $4,500 × 1.06

A = $4,770

Therefore, at the end of two years, Aiden will have $4,770 in his account.

Answer 2

would have 4365 because 4500 - 135 = 4365 the number 135 is 3% of 4500 then if you do not retreat or anything like that would stay that for the rest of the two years. (4365). If I'm wrong in something, let me know.