Juan decided to start savings for college. He deposited $500 into an account which earns 4% simple annual interest. At the end of each year, he will add $250 to this account. How much will he have in his account after the end of three years? a
$550
b
$770
c
$1,050.80
d
$1,342.83

Answer

I am getting a different answer The reason being the first year we calculating the 4% of the initial amount of the $500 towards the end of the year if he deposits the 250 the second year he gets to have a 4% interest of the 750 in total If he deposits the 250 in the 3rd he gets to have a 4% of 1000 So if you actually calculate that and get the total of all the amount which is 1,000 plus the percentages of all that you get what I've shared

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