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2 July, 03:56

Samantha and Luke got married. They received $4,500 in gift money and deposited it into a savings account that pays 2.85% simple interest. How much will they have in savings after 3 years?

Group of answer choices

$384.75

$4,884.75

$9,000.00

$38,475.75

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Answers (1)
  1. 2 July, 04:20
    0
    Answer: $4,884.75

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount deposited.

    P represents the principal or amount deposited.

    R represents interest rate

    T represents the duration of the savings in years.

    From the given information,

    P = 4500

    R = 2.85

    T = 3 years

    I = (4500 * 2.85 * 3) / 100 = $384.75

    The total amount that they will have in savings after 3 years is

    4500 + 384.75 = $4884.75
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