Mickey's savings account. $975 on deposit. 5.5% annual interest rate. Time is 3 months. Find the Interest
1 answer:
Answer:
$13.41
Step-by-step explanation:
1 year = 5.5%
1/4 year = 5.5/4%
1/4 year = 1.375%
975 * 1.01375 (because percents become fractions by dividing by 100) = 988.41
988.41 - 975 (because you're looking for the interest not what's his final amount) = 13.41
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