Question

The simple interest formula I=prt gives the interest earned on an investment of p dollars at interest rate r for a time of t years. How much does Leroy need to invest at a rate of 7% in order to earn $420 interest in 4 years?

$150

$2,400

$240

$1,500

Answer 1

So i multiply them three together and then ?

Answer 2

I got 118.72 ?

Answer 3

Lol ok

Answer 4

Mutliply that right?

Answer 5

I feel so bad. Forget everything just leave the equation. Let me solve it first then tell you

Answer 6

Okay ;)

Answer 7

I=420
r=.07
t=4

420=p*.07*4
Divide both sides by 4
105=p*.07
Then divide both sides by .07
1500=p

So the answer would be $1500

Answer 8

Thank you :)

Answer 9

Your welcome and sorry for all the times I messed up before

Answer 10

It's fine :)