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kodGreya [7K]
3 years ago
15

sonja and jake just got married. they received $4500 in gift money and deposited it into a savings account that pays %2.85 simpl

e interest. how much will they have in savings after 3 years?
Mathematics
1 answer:
gladu [14]3 years ago
4 0

9514 1404 393

Answer:

  $4884.75

Step-by-step explanation:

The amount in a simple interest account is given by the formula ...

  A = P(1 +rt)

Here, we have principal P=$4500, interest rate r=0.0285, and time t=3. Then the amount in the savings account will be ...

  A = $4500(1 +.0285·3) = $4500·1.0855 = $4884.75

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