Ben earns $1500 each summer and puts the money in a savings account with a 6% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer

$4770

$3250

$3175

$2850

I believe the answer is A. $ 4,770

The amount that Ben gets by the first year:

1,500 + (1,500 x 6%) = 1590

The amount that Ben gets by the second year:

(1590+1500) + (3090 x 6%) = 3270.4

The amount that Ben gets by the third summer

(3270.4 + 1500 = $ 4770

The interest rate is not calculated because the Bens till hasn't pass the rest of the year

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Ben earns $1500 each summer and puts the money in a savings account with a 6% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer $4770 $3250 $3175 $2850

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Ben earns $1500 each summer and puts the money in a savings account with a 6% simple interest rate. If he deposits the same amount each year, how much money will he have at the end of his third summer

$4770

$3250

$3175

$2850