Answer:
about $982.20
Step-by-step explanation:
Formula = P(1+I)^T
T =18/12 because its in months not years, so 1.5 years
1+I = 1 + 54/900 or 1.03
P = 900
Plug those in and you get about 982.20
4%
For the simple interest rate,
I=P(i)t
54=900(i)(18/12)
i=54/900*(12/18)=4% annually
