Eileen earned $45 in annual interest from a savings account with a 3.5% annual rate. Assuming she made no deposits or withdrawals during the year. What is the balance in the account and how do you get the answer?|||Assuming simple interest, you can rearrange I = P x R x T to solve for P.
It would be P = I / (R x T)
P = $45 / (.035 x 1 year)
P = $1,285.71|||Sounds like homework. We've all done our own homework, it's the only way to really learn something.
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