Enrique’s parents want to save for his education. On his 12th birthday, they deposit $6,000 in a savings account that pays 5% simple annual interest. What will the balance be when he turns 18?

Q: Enrique’s parents want to save for his education. On his 12th birthday, they deposit $6,000 in a savings account that pays 5% simple annual interest. What will the balance be when he turns 18?

A: I=Prt I=6000*.05*6 I=1800 The interest of $1,800 added to the initial investment (Principal) of $6,000 equals $7,800. The balance when he turns 18 will be $7,800.

Enrique’s parents want to save for his education. On his 12th birthday, they deposit $6,000 in a savings account that pays 5% simple annual interest. What will the balance be when he turns 18?

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User: Enrique’s parents want to save for his education. On his 12th birthday, they deposit $6,000 in a savings account that pays 5% simple annual interest. What will the balance be when he turns 18?

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