7th Grade Math

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Find the total amount of money that Jeff will have in his savings account after 3 months if his initial deposit was $945 with a 4.5% interest rate.

I have no idea what the answer is. Please explain.

  • 7th Grade Math -

    You are probably working with "simple interest"

    Interest = Principal x rate x time
    = 945*.045*3/12
    = 10.63

    So he will have $945 + $10.63
    = $955.63

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