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4 years ago

Mickey's savings account. $975 on deposit. 5.5% annual interest rate. Time is 3 months. Find the Interest

Mathematics

1 answer:

enot [183]4 years ago

7 0

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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