Your colleague promises to pay you interest of 1.5%. You start by giving your colleague $400 to invest, and you invest all the interest you receive in the fırst year. How much total money do you have by the end of the first year? Enter your answer in dollars, rounding to the nearest cent.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Your colleague promises to pay you interest of 1.5%. You start by giving your
colleague $400 to invest, and you invest all the interest you receive in the
fırst year.
How much total money do you have by the end of the first year? Enter your
answer in dollars, rounding to the nearest cent.
Transcribed Image Text:Your colleague promises to pay you interest of 1.5%. You start by giving your colleague $400 to invest, and you invest all the interest you receive in the fırst year. How much total money do you have by the end of the first year? Enter your answer in dollars, rounding to the nearest cent.
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