steven wants to buy a $500 bicycle steven has no money saved but will be able to deposit $45 into a savings account when he rece
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The formula 
, for n=1 becomes 
.
Comparing
with 
, we see that
P=900, and 1+r=1.185, which means that r=0.185.
r=0.185 can be written as 18.5%, as a percentage.
Answer: 18.5%
Comparing
P=900, and 1+r=1.185, which means that r=0.185.
r=0.185 can be written as 18.5%, as a percentage.
Answer: 18.5%