jennifer deposited … - QuestionCove
OpenStudy (anonymous):

jennifer deposited \$1,750 in savings account that earns 1.9% simple interest. How much interest has jennifer earned by the end of the first day?

4 years ago
OpenStudy (anonymous):

@terenzreignz

4 years ago
OpenStudy (terenzreignz):

1.9% of the initial amount :)

4 years ago
OpenStudy (anonymous):

Huh ?

4 years ago
OpenStudy (anonymous):

@terenzreignz

4 years ago
OpenStudy (terenzreignz):

What is 1.9% of 1750 ?

4 years ago
OpenStudy (anonymous):

33.25

4 years ago
OpenStudy (anonymous):

4 years ago
OpenStudy (anonymous):

@terenzreignz

4 years ago
OpenStudy (terenzreignz):

No.

4 years ago
OpenStudy (anonymous):

what do i do next ?

4 years ago
OpenStudy (terenzreignz):

Well, what does 1.9% mean, in decimal?

4 years ago
OpenStudy (anonymous):

0.019

4 years ago
OpenStudy (terenzreignz):

Then multiply that to your principal

4 years ago
OpenStudy (anonymous):

multiply what ? 0.019x33.25

4 years ago
OpenStudy (amistre64):

1.9% tends to be an annual rate

4 years ago
OpenStudy (anonymous):

what do i need to multiply to get my answer ?

4 years ago
OpenStudy (amistre64):

unless stated otherwise, interest rates are annual amounts.

4 years ago
OpenStudy (anonymous):

@terenzreignz @amistre64

4 years ago
OpenStudy (amistre64):

find the interest for the year and divide by 365 is my thought

4 years ago
OpenStudy (amistre64):

$I=Prt$ $I=Pr\frac{1}{365}$

4 years ago
OpenStudy (anonymous):

365*1.9%

4 years ago
OpenStudy (anonymous):

what would my answer be ?

4 years ago
OpenStudy (amistre64):

4 years ago
OpenStudy (anonymous):

4 years ago
OpenStudy (terenzreignz):

I didn't see 'day' Sorry guys

4 years ago
OpenStudy (anonymous):

Its fine

4 years ago
OpenStudy (amistre64):

$I=Pr\frac{1}{365}$

4 years ago
OpenStudy (anonymous):

0.00273973

4 years ago
OpenStudy (amistre64):

1750(.019)/365 is not .00273...

4 years ago
OpenStudy (anonymous):

lol all i did was 1/365 not the whole formula. Let me check

4 years ago
OpenStudy (amistre64):

:)

4 years ago
OpenStudy (anonymous):

0.09109589041

4 years ago
OpenStudy (amistre64):

that looks better for the interest .. yes

4 years ago
OpenStudy (anonymous):

Thank you

4 years ago
OpenStudy (amistre64):

youre welcome

4 years ago