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How do I calculate monthly interest on a regular savings account?

You deposit $900 in a savings account with 4.5% interest per year.You calculate you will have $1215 in 3 years?

  • Answer:

    First you multiply 0.045 (the percent value for 4.5%) by 900, which is 40.5, and you add that to 900 so you have 940.5. Then you multiply0.045 x 940.5=42.3225 and add it to 940.5, which is 982.8225. Then you multiply 0.045 x 982.8225=42.227 and add it to 982.8225, which is 1027.05. The answer 1215 is pretty reasonable, but not exactly right.

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B, I'd say... That would be really nice if you could gain so much though lol 1.045^3 /= 1.35, I don't think it's even close. It doesn't say I can use a calculator, so I didn't.

First you multiply 0.045 (the percent value for 4.5%) by 900, which is 40.5, and you add that to 900 so you have 940.5. Then you multiply0.045 x 940.5=42.3225 and add it to 940.5, which is 982.8225. Then you multiply 0.045 x 982.8225=42.227 and add it to 982.8225, which is 1027.05. The answer 1215 is pretty reasonable, but not exactly right.

Raquellita

B, I'd say... That would be really nice if you could gain so much though lol 1.045^3 /= 1.35, I don't think it's even close. It doesn't say I can use a calculator, so I didn't.

Mambojevi

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