You plan to deposit ​$800 in a bank account now and ​$600 at the end of the year. If the account earns 5​% interest per​ year, what will the balance be in the account right after you make the second​ deposit?
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Part 1
The balance in the account right after you make the second deposit will be ​$

enter your response here.

To find the balance in the account right after you make the second deposit, we need to consider the interest earned on the initial deposit and then add the second deposit.

### Step 1: Calculate the balance after the first deposit with interest
- Initial deposit: $ \$800 $
- Interest rate: $ 5\% $ per year

The interest earned on the first deposit after one year is:
\[
\text{Interest} = \$800 \times 0.05 = \$40
\]
The balance after one year, just before the second deposit, is:
\[
\text{Balance before second deposit} = \$800 + \$40 = \$840
\]

### Step 2: Add the second deposit
- Second deposit: $ \$600 $

The balance right after the second deposit is:
\[
\text{Final Balance} = \$840 + \$600 = \$1440
\]

### Final Answer
The balance in the account right after you make the second deposit will be **$1440**.

Would you like any further details or have any questions?

Here are 5 related questions you might find useful:
1. How would the final balance change if the interest rate were 6% instead of 5%?
2. What would be the balance after 2 years if no additional deposits were made?
3. How much interest is earned solely from the second deposit after one year?
4. What would the balance be if the first deposit was made one year later than initially planned?
5. How does compounding frequency (monthly, quarterly) affect the final balance?

**Tip:** Always check if the interest is compounded (e.g., annually, monthly), as it affects the total balance.

Learn how to calculate the balance in a bank account after making deposits and earning compound interest. This problem involves an initial deposit of $800 and an additional deposit of $600 with a 5% annual interest rate. Follow a detailed step-by-step solution.

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