Question

At the beginning of July, Zachary opened a savings account that pays 4% interest on money in the account at the end of the year. How much money does Zachary have at the end of the year if he deposits $150 each month for the rest of the year? a $936 b $70 c $1870 d $2000

Answer 1

$936

Explanation:

We have to take the interest, 4%, and multiply it by 150 which equals 6. Since there are 6 months left in the year, we multiply this number by 6 which gets us 36. Next, we have to take the amount that Zachary puts in the account each month, $150, and multiply it by 6 months which equals to $900. Finally, we add the total amount of interest, $36, and the total amount of money he puts in during the year, $900.