Question

Jen Dodson deposits $372 in a savings account that pays an annual interest rate of 5.25%. If she makes no other deposits, how much will she have after 3 months?​

Answer 1

Your answer would be $376.88

Explanation:

Easiest way to explain would be to take 5.25 and divide it by 12. That gives you 0.4375

Take 0.4375 and multiply by 3 for 1.3125

1.3125% of 372 = 4.8825

4.8825 + 372 = 376.8825 or $376.88

Hope this helped! - Zac