SAT Math Practice Exam

Category - Mathematics - Medium

A savings account earns 1 percent interest per month on the sum of the initial amount deposited plus any accumulated interest. If a savings account is opened with an initial deposit of $1,000 and no other deposits or withdrawals are made, what will be the amount in this account at the end of 6 months?
  1. $1,060.00
  2. $1,061.52
  3. $1,072.14
  4. $1,600.00
  5. $6,000.00
Explanation
Answer: B - $1,061.52
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