Question

Aaron deposited $591.07 in a savings account that earns 3.7% simple interest. What is Aaron’s account balance after seven years?

Answer 1

Fromula for finding simple interst
http://math.about.com/od/businessmath/ss/Interest.htm

Answer 2

@signedup : try once

Answer 3

ok

Answer 4

744?

Answer 5

744.16 ?

Answer 6

I = PRT
I = (591.07)(.037)(7)
I = 153.087 rounds to 153.09

591.07 + 153.09 = 744.16

I agree with you :)

Answer 7

excellent thank you

Answer 8

anytime :)

Answer 9

do you want to help me more?

Answer 10

if I can....I have a little time left before I have to go

Answer 11

@signedup :all are here to help only

Answer 12

Mark currently has a balance of $973.70 in an account he has held for 17 years. He opened the account with an initial deposit of $700. What is the simple interest on the account

Answer 13

is it 8.2 ?

Answer 14

now we are looking for R in the formula. So I am going rearrange the formula.
I = PRT : I/PT = R

your interest earned was 973.70 - 700 = 273.70

I/PT = R
273.70/(700)(17) = R
273.70/11900 = R
.023 = R
23% = R <-- this is your interest rate

check...
I = PRT
273.70 = (700)(.023)(17)
273.70 = 273.70 (correct)

Answer 15

wait...are you looking for interest or interest rate ?

Answer 16

simple interest

Answer 17

simple interest is 973.70 - 700 = 273.70

Answer 18

percentage

Answer 19

if you want percentage, then you are looking for interest rate, which is 23%

Answer 20

its not an option

Answer 21

1.7
2.3
5.9
8.2

Answer 22

%

Answer 23

these are the options

Answer 24

I am sorry...I do not know

Answer 25

ok thanks for trying

Answer 26

How did you get 8.2 ?

Answer 27

can you solve this
I=P r T
973.70 = 700 x R x17
r = 973.70/700/17

Answer 28

its steps to answer the question

Answer 29

someone told me but wasnt sure

Answer 30

so i just thought i should check with others

Answer 31

973.70 = (700)(R)(17)
973.70 = 11900R
973.70/11900 = R
.0818 rounds to .082 = R
8.2% = R

that works.

Answer 32

good

Answer 33

thanks for confirming

Answer 34

sorry about my mess up....it probably confused you.

Answer 35

@kelliegirl33

Answer 36

8.2 is wrong