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29 September, 18:54

Suppose you have $600 to invest in a savings plan, and you want to compare 4 different ways you could invest the money. Round answers to the nearest cent Method 1: Find the balance after one year if you deposit all the money into an account that pays $2.50 in simple interest each month (this is a simple interest equation where the amount of interest stays the same each month).

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  1. 29 September, 20:47
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    Method 1

    Balance = principal + interest

    = $600 + (2.50*12)

    = $600 + $30

    =$630
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