Belvedere opens a savings account with 48 that earns 9.1% interest per year, not compounded. How much money, to the nearest penny, will Belvedere have in 1 year?

Solution

Solution

Principal : 44

Solution steps

Translate the problem into an equation:

48 = P (1 + 0.091 \cdot 1)

Solve for

P, 48 = P (1 + 0.091 \cdot 1) : P = 44

Principal : 44

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