Please walk me through this; I am a bit lost with this one!
@jim_thompson5910
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jimthompson5910 (jim_thompson5910):
she starts with $17
jimthompson5910 (jim_thompson5910):
after year 1, how much interest does she earn?
OpenStudy (anonymous):
A= 19.244 ?
jimthompson5910 (jim_thompson5910):
it says "simple interest" so we use I = P*r*t
OpenStudy (anonymous):
2.24
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jimthompson5910 (jim_thompson5910):
I = P*r*t
I = 17*0.011*1
I = 0.187
I = 0.19
so the interest after 1 yr is 19 cents
jimthompson5910 (jim_thompson5910):
how about after 2 years?
OpenStudy (anonymous):
4.488 =4.49
jimthompson5910 (jim_thompson5910):
idk how you're getting that
OpenStudy (anonymous):
17*0.011*24= 4.488
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jimthompson5910 (jim_thompson5910):
t is time in years, not months
jimthompson5910 (jim_thompson5910):
t = 2 for 2 yrs (you don't use 24)
OpenStudy (anonymous):
Oh!
OpenStudy (anonymous):
0.374
jimthompson5910 (jim_thompson5910):
so she'll have 17+0.37 = 17.37 in the account at year 2
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jimthompson5910 (jim_thompson5910):
the point (2, 17.37) represents this
OpenStudy (anonymous):
Are we testing more options out or we've concluded it's B ?
jimthompson5910 (jim_thompson5910):
you can test others and I recommend you do
jimthompson5910 (jim_thompson5910):
other points I mean, like what is the amount in the account at year 6?
OpenStudy (anonymous):
I wouldn't prefer/like to,
I'm just wondering if B would be the final answer?
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jimthompson5910 (jim_thompson5910):
well it helps with practice
OpenStudy (anonymous):
Yes, progress..
Thank you soooooo much for everything!!
Thank you for ****A L L**** your help!!!!
~OVER-Abundant blessings and good vibes your way!!!! ^^.^^