Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.3 Simple Interest - Exercise Set 8.3 - Page 513: 41


The statement does not make sense.

Work Step by Step

The statement does not make sense. The expression $(\$1500)(0.04)$, which is $\$60$, is the interest that was earned in one year. The balance in the account should be $\$1500+(\$1500)(0.04)$, which is $\$1560$
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