SOLUTION: In order to earn $24 in interest in 1 year's time, how much money would have to be deposited in a savings account with an annual interest rate of 5.5%? You would have to be deposi

Algebra ->  Finance -> SOLUTION: In order to earn $24 in interest in 1 year's time, how much money would have to be deposited in a savings account with an annual interest rate of 5.5%? You would have to be deposi      Log On


   

Question 1190267: In order to earn $24 in interest in 1 year's time, how much money would have to be deposited in a savings account with an annual interest rate of 5.5%?
You would have to be deposit $
If necessary, round up to the cent.
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
I=prt
24=p*0.055*1
p=24/0.055=$436.36