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saw5 [17]
3 years ago
14

A savings account pays 4 1/2% interest. How much interest

Mathematics
1 answer:
Ghella [55]3 years ago
6 0

Answer:

Interest = $60.75

Amount = $510.75

Step-by-step explanation:

The formula for finding interest is;

Interest = Principal * Rate * Time

And here;

Principal = $450

Rate = 41/2% or 4.5%

Time = 3 years

Interest = \frac{450 * 45 * 3}{1000}

Divided by 100 because of the percentage of the rate but here I made it 1000 because I moved the decimal point in the 4.5 forward once which means I have to add 0 to the denominator.

              = \frac{45*45*3}{100}

             = \frac{6075}{100}

            = $60.75

Now the amount is simply the Principal + Interest which will be;

= $450 + $60.75

= $510.75

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