document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1006571>Question 1006571</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Money is invested in a savings account at 4% simple interest. After 1 year, there is $364 in the account. How much was originally invested? \r<BR>\n" );
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document.write( "I can never remember the formula for this type of equation. I know you have to either multiply or divide the % by the $364 to get the amount of interest per month, and then multiply that number by 12 for the 12 months. And then subtract that number from the $364 to find the original amount. I just don't know that first step. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #622676 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=622676\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Future Value= Present Value(1+rt)where: <BR>\n" );
document.write( "r= interest rate<BR>\n" );
document.write( "t= number of years<BR>\n" );
document.write( "364= PV(1+0.04(1))=<BR>\n" );
document.write( "364= PV(1+0.04)=<BR>\n" );
document.write( "364= PV(1.04) Divide both sides by 1.04:<BR>\n" );
document.write( "PV= 364/1.04=<BR>\n" );
document.write( "PV= 350 is how much was originally invested. </SPAN>\n" );
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