I know how to do this, I jus need the equation set up. I = RPT I think

you deposited $600 dollars in a savings account that earns a simple interest rate of 3.5% per year. How many years do you need to keep the money in the account to earn $210 in interest ?

Question

I know how to do this, I jus need the equation set up. I = RPT I think

you deposited $600 dollars in a savings account that earns a simple interest rate of 3.5% per year. How many years do you need to keep the money in the account to earn $210 in interest ?

jim_thompson5910 · Answer

I've seen it as I = PRT, but I = RPT works too

jim_thompson5910 · Answer

In this case, 

I = 210
P = 600
R = 0.035
T = unknown (you're solving for this)

anonymous · Answer

Oh that's probably how it is then. I'm jus confused because the rate is the percent and there isn't another. I tried I = 3.5% ($600)$210 but it didn't look right

jim_thompson5910 · Answer

3.5% = 3.5/100 = 0.035

jim_thompson5910 · Answer

it should be

I = PRT

210 = 600*0.035*T

solve for T

anonymous · Answer

Ok so how would the equation look

jim_thompson5910 · Answer

it looks like this 210 = 600*0.035*T

jim_thompson5910 · Answer

from there you need to solve for T

anonymous · Answer

Ok thanks. so jus to make sure, I would multiply 600(3.5) then divide the answer by 210 ?

jim_thompson5910 · Answer

600 times 0.035 = ???

anonymous · Answer

I got 2100 so that's not right

jim_thompson5910 · Answer

no that's way too high

jim_thompson5910 · Answer

you have the decimal in the wrong spot

anonymous · Answer

No. it's 600(3.5) that's how it's written on the paper so that's the way I'm solving it.

jim_thompson5910 · Answer

ok well you need to divide by 100 because 3.5% = 3.5/100

anonymous · Answer

Actually I have no idea how you're getting0.035

jim_thompson5910 · Answer

3.5% = 3.5/100 = 0.035

therefore

3.5% = 0.035

jim_thompson5910 · Answer

because that's what "percent" means

anonymous · Answer

Ok well I'm not trying to solve 3.5 I'm trying to solve the whole thing.

jim_thompson5910 · Answer

percent = per hundred

example

25% = 25/100 = 0.25

jim_thompson5910 · Answer

yes but you don't use 3.5, you use 0.035 because you need to convert from a percent to a decimal

anonymous · Answer

Ok I see where I/U went wrong on that. u move thel the other way and jus make it 35

jim_thompson5910 · Answer

no you move the decimal 2 spots to the left

another example

72% = 0.72

jim_thompson5910 · Answer

so saying "72% of 25" is the same as saying 0.72*25

anonymous · Answer

I don't need an example. I need the proper equation so I can solve it.

jim_thompson5910 · Answer

I gave it to you 

210 = 600*0.035*T

jim_thompson5910 · Answer

you don't need to be rude