Help! Fred invests $630 in his savings account each year. He earns an interest at a rate of 4.5% per year. After the first year, how much is in Fred's account?

freds-account

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Fred invests $630 in his savings account each year. He earns an interest at a rate of 4.5% per year. After the first year, how much is in Fred’s account?

Answer:

630 * (1 + .045)

You take 630 and you times it by .045 and you get 28.35 then you take 630 + 28.35 = 658.35

630=100% & x=4,5%
x:630=4,5:100
x=630*4,5/100
x=28,35
28,35+630=658,35