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Popular Word Problems >

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

B e l v e d ere o p e n s a s a v in g s a cco u n t w i t h 48 t ha t e a r n s 9.1% in t eres t p er ye a r, n o t co m p o u n d e d . Ho w m u c h m o n ey, t o t h e n e a res t p e nn y, w i ll B e l v e d ere ha v e in 1 ye a r ?

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

Popular Examples

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