Question

Dean homes deposit $15.50 dollars in his bank account each month. If his bank account had a balance of $120 at the beginning of the year, what was the amount in his bank account at the end of one year?

Answer 1

Given data:

The initial amount in the account is i=$15.50.

The amount deposit per month is a=$120/month.

The final amount at the end of the year is,

`\begin{gathered} F=15.50+12(120) \\ =1,455.5 \end{gathered}`

Thus, the final amount at the end of the year is $1,455.5.