Question

How do you do this?

@phi @jdoe0001

Answer 1

i = prt
solve for "r"

you're given pretty much everyone else
keep in mind that the current balance is 2,300.37
and the original amount was 874

so " i " or the interest earned on it, is the difference between the current balance and the principal

Answer 2

I'm confused, which is p 2,300... or 874?

Answer 3

\(\bf P=\textit{original amount deposited}\to \$p\\
r=rate\to r\%\to \frac{r}{100}\\
t=years\)

Answer 4

2,300.37* r* 874= 1/29716r

Answer 5

@jdoe0001

Answer 6

well.. you want to solve for "r" first in i = prt
and then plug in the values

Answer 7

uhh.. how can you solve for r without plugging in values?

Answer 8

well... you can... but once you have it solve for "r", THEN you plug in the values :)

Answer 9

well.. you can't I meant.. but anyhow,.. you plug in the values after. thus

Answer 10

Please walk me through this, I tried and got what I showed you above.

Answer 11

well... if you solve for "r"... what do you get?

Answer 12

1

Answer 13

5.974472e10

Answer 14

well... say \(\bf i = p{\color{blue}{ r}}t\implies {\color{blue}{ r}}=\square ?\) in variables that is

and then you plug in the values for "i", "p", and "t"

Answer 15

It helps to understand the "big picture"
you give some money to a bank. we call the amount p (short for principal)
at some time in the future (t years later), they give back to you more money than you started with.

Answer 16

In other words, they return the amount you deposited ( that is, p)
plus an additional amount (called the interest), and "i" for short

Answer 17

:DD This makes a lot more sense now!

Answer 18

I solved for r = 1.014

Answer 19

if you start with 874, what do we call that ?

Answer 20

874 is p

if they return 2300.37, that is the original 874 plus the interest.
any idea what amount the interest is?

Answer 21

the difference between 874 and 2300.37 or the sum ?

Answer 22

if you get confused, use small numbers. say you put in $1 and a year later you get back $3. How much of that is interest?

Answer 23

$2

Answer 24

and how did you get 2? you did 3 - 1
in other words, final amount - original amount
use that same idea with
874 and 2300.37

Answer 25

I did, 1426.37 .

I set it up like this -> 874*r*34 = 1426. 37
r= 1.0145

Answer 26

874*r*34 = 1426. 37
that is good

you can divide both sides by 34
then divide both sides by 874

Answer 27

or you could multiply 874*34 to get 29716

29716 r = 1426.37
and now divide both sides by 29716

Answer 28

^See that's all I needed someone to tell me !!!!! >.<

Answer 29

0.048

Answer 30

4.8% or are there more steps?

Answer 31

that is the answer!

Answer 32

Thank you sooo much; you helped me in such an understandable and easy way!