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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).

Respuesta :

Answer:

Method 1

Balance = principal + interest

             = $600 + (2.50*12)

             = $600 + $30

             =$630

Explanation:

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The balance after one year if you deposit all the money into an account is $630.

Using this formula

Balance after one year = Principal +(Interest× 12 month)

Let plug in the formula

Balance after one year= $600 + (2.50×12)

Balance after one year = $600 + $30

Balance after one year =$630

Inconclusion the balance after one year if you deposit all the money into an account is $630.

Learn more about interest earned here:https://brainly.com/question/19852297

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