Question

Jesse deposited $3600 in a new regular savings account that earns 6% annually in simple interest. How much is in the account after 1 year?

Answer 1

3,600 deposit

6% interest per month

1 year = 12 months

3, 600 * .06 = 216 ( one month)

216 * 12 = 2,592

3,600 + 2592 = 6,192 (after one year)

Answer 2

$3,816 is in the account after one year
3,600 x 6% is 3816