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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?
Question
Asked 7/18/2012 9:25:22 AM
Updated 7/18/2012 12:00:31 PM
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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?

Weegy: $3000
Expert answered|aiatok|Points 222|



Question
Asked 7/18/2012 9:25:22 AM
Updated 7/18/2012 12:00:31 PM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by debnjerry
New answers
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3
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.
Added 7/18/2012 12:00:31 PM
This answer has been confirmed as correct and helpful.
Confirmed by andrewpallarca [3/23/2014 7:54:03 AM]
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Added 151 days ago|3/19/2018 11:27:02 AM
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