Recall the formula for simple interest: A = P + P r t where A = the ending amount in the account P = the principal (the starting amount) r = the interest rate (expressed in decimal form) t = the time (in years) The summer before Michael's senior year in high school, he made $1,000 mowing lawns. His parents promise to pay him 2 % simple interest, as long as he doesn't spend any of the money. How much money will he have if he saves the money for one year? For five years? One year: $ Five years: $