Answer:
$5,310
Step-by-step explanation:
We are going to use the simple interest formula for this problem:
[tex]A = P (1 + rt)[/tex]
P = initial balance
r = annual interest rate
t = time
First, change 6% into the decimal form:
6% -> [tex]\frac{6}{100}[/tex] -> 0.06
Next, plug in the values:
[tex]A=4,500(1+0.06(3)[/tex]
[tex]A=5,310[/tex]
Lora will own $5,310 after 3 years.
