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12 1500.00 Into a savings account How much money will be in Zike's account 1333.49 1687.30 4116.00 4580.00

Question

12 1500.00 Into a savings account How much money will be in Zike's account 1333.49 1687.30 4116.00 4580.00

12
 1500.00 Into a savings account
How much money will be in Zike's account
 1333.49
 1687.30
 4116.00
 4580.00

Solution

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LaylaMaster · Tutor for 5 years

Answer

### $1687.30

Explain

## Step 1: Calculate the annual interest earned.<br />### Zike deposited $1500 into a savings account that earns 12% interest per year. To find the interest earned in one year, we multiply the principal (\$1500) by the interest rate (12% or 0.12). $ \$1500 \times 0.12 = \$180$.<br /><br />## Step 2: Calculate the total amount in the account after one year.<br />### To find the total amount in Zike's account after one year, we add the interest earned (\$180) to the initial deposit (\$1500). $ \$1500 + \$180 = \$1680$. Since the problem states the account earns 12% interest *per year*, and the question asks how much will be in the account after depositing $1333.49, $1687.30, $4116, or $4580, we can infer it's asking about the balance after one year. Therefore, the correct answer is the one closest to our calculated \$1680.
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