ALGEBRA

If the principal P = $900, the rate r = 4 1

2 %, and time t = 1 year, find the following.
(a) What is the amount of interest?
$

(b) What is the future value?

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  1. a. I = P*r*t = 900 * 0.045 * 1 = $40.50.

    b. V = P + I = 900 + 40.50 = $940.50.

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