Josh earns $2700 each summer and puts the money in a savings account with a 4.5% simple interest rate. if he deposits the same amount each year, how much money will he have at the end of his third summer?

a. $4700
b.$8464.50
c.$9125.70
d.$12,850

Option 'B' is correct.

Step-by-step explanation:

Since  we have given that

Amount Josh earn each summer = $2700

Rate of simple interest = 4.5%

According to question, he deposits the same amount each year.

First summer, he deposited = $2700

In Second summer, he deposited = $2700×2= $5400

In Third summer, he deposited = $2700 × 3=$8100

At the end of his third summer, his money becomes,

As we know the formula for "Amount" that it becomes at the end of his third summer:

Hence, Option 'B' is correct.

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