Question

With a starting amount of $975, interest rate of 5.5% after 3 years?

Answer 1

Answer: $1,135.88

Step-by-step explanation: For this problem we will use the "Simple Interest" equation to find I, interest the money makes. First convert 5.5% to a decimal. 5.5 divided by 100 = 0.055

I = 975 x 0.055 x 3

I, interest = about 160.88

Now, just simply add 160.88 to 975.

$975 + $160.88 = $1,135.88