Asked by Amber Porter on Jun 17, 2024
Verified
Sonja and Jake just got married.They received $4,500 in gift money and deposited it into a savings account that pays 2.85% simple interest.How much will they have in savings after 3 years?
Simple Interest
Interest calculated only on the principal amount, or on that portion of the principal amount which remains unpaid.
- Compute the future amount of savings according to different compounding schedules.
Verified Answer
JC
Jasmeen chahalJun 18, 2024
Final Answer :
$4,884.75;I = prt = 4,500 0.0285 3 = 384.75;384.75 + 4,500 = $4,884.75
Learning Objectives
- Compute the future amount of savings according to different compounding schedules.
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