Question

Correct answers only please!

Sonja and Jake just got married. They received $4500 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

A. $9,000.00

B. $4,884.75

C. $384.75

D. $38,475.75

Answer 1

:I believe it would be C. 384.75


: 1) 4500 x 2.85% = 1,282.5
2) 1,282.5 x 3 = 384.75
(Im not really sure if this is correct but hey might as well give this a shot!)

Answer 2

c. $384.75

Explanation:

if the interest is calculated yearly, then 2.85% of $4500 is $128.25

times 3 years is $384.75