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
The answer is C
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