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?
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Step 1
The formula for simple interest is I = PRT, where: - I is the interest - P is the principal amount (the initial amount of money) - R is the rate of interest per year - T is the time the money is invested for in years Show more…
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