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Ricky spends $103. 19 in additional interest and charges on monthly payments as the result of a prior bankruptcy. If Ricky had been able to save this money for one year and then put it into a savings account earning 3. 1% simple interest, how much money could he have in savings after two more years? a. $1,238. 28 b. $1,276. 67 c. $1,315. 06 d. $2,476. 56.

Respuesta :

abiolataiwo2015

The amount of money  he could have in savings after two more years is:c. $1,315. 06.

First step is to calculate the 12 month saving

Saving= 12 month × $103.19

Saving = $1238.28

Second step is to calculate the interest earned

Interest = Prt

Interest= $1238.28×·0.031×1

Interest= $38.39

Third step is to calculate the balance after 2 years

Saving= $1238.28 +(2 years × $38.39)

Saving= $1238.28 +$76.78

Saving= $1315.06

Inconclusion the amount of money  he could have in savings after two more years is:c. $1,315. 06.

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