The total amount in savings after 3 years is $ 4749.75
<h3><u>Solution:</u></h3>Sonia and Jake received $4,500 in gift money and deposited it into a savings account that pays 1.85% simple interest
To find: Amount after 3 years
<em><u>The total amount after 3 years is given as:</u></em>
total amount = principal amount + simple interest
<em><u>The simple interest is given as:</u></em>
Here principal amount = $ 4500
Rate of Interest = 1.85%
Number of years = 3 years
Substituting the above values in formula we get,
Thus simple interest = $ 249.75
total amount = principal amount + simple interest
total amount = 4500 + 249.75
total amount = $ 4749.75
Thus the total amount after 3 years is $ 4749.75