Owen invests money in an account paying a simple interest of 5.6% per year. If he invests 110 and no money will be added or removed from the investment, how much will he have in one year, in dollars and cents?

Solution

Solution

Amount : 116.16

Solution steps

Translate the problem into an equation:

A = 110 (1 + 0.056 \cdot 1)

110 (1 + 0.056 \cdot 1) = 116.16

Amount : 116.16

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