SOLUTION: If the principal P =\$700, the rate =4 1/2%, and the time t= 1 year, find the following. A.) what is the amount of interest? B.) what is the future value?

Algebra ->  Algebra  -> Test -> SOLUTION: If the principal P =\$700, the rate =4 1/2%, and the time t= 1 year, find the following. A.) what is the amount of interest? B.) what is the future value?       Log On

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 Question 634441: If the principal P =\$700, the rate =4 1/2%, and the time t= 1 year, find the following. A.) what is the amount of interest? B.) what is the future value? Answer by unlockmath(1614)   (Show Source): You can put this solution on YOUR website!Hello, Multiply interest times amount. We get: \$31.50 interest for 1 year. That will be \$731.50 Make sense? RJ www.math-unlock.com