Question

andrew thinks he has a good thing going. he invests 8000 dollars with the firm dewey, cheatham, and howe, purchasing a certificate of deposit that after 10 years wil be worth 10400 dollars. the trouble is andrew did not consult his investment advisor before putting his own money down, and this sneaky company has locked him into an investment that pay simple interest not compound on his principal. what percent is the companys yearly interest rate?

Answer 1

which part you want help with.. ?

Answer 2

i neion or something @ganeshie8

Answer 3

hmm... dint get u..

Answer 4

oh sorry wow my comp bud out i need an equation or something because i have no idea how to get to the answer @ganeshie8

Answer 5

The interest is 10400 - 8000 = 2400 dollars

The principle is 8000 dollars.

The rate is unknown

The time is 10 years


So

I = 2400

P = 8000

r = x

t = 10

Answer 6

Now plug them into the formula I = Prt to get


2400 = 8000*x*10


then solve for x to find your answer.

Answer 7

sooo youre left with 33 after you divid both sides? @jim_thompson5910

Answer 8

Divide both sides by what?

Answer 9

to find x dont you have to divide by 2400

Answer 10

No, you divide both sides by 80000

2400 = 8000*x*10

2400 = 8000*10*x

2400 = 80000*x

2400/80000 = x

Answer 11

I'll let you finish it

Answer 12

so you get .03 how do i translate that to a percent

Answer 13

To convert 0.03 to a percent, move the decimal over to the right 2 spots


So 0.03 converts to 3%

Answer 14

ooohh alright