Question

Victor calculates the percentage interest rate he needs to make five hundred dollars in simple annual interest over 5 years on a deposit of one thousand dollars. Where did he go wrong?

I equals p times r times t; one thousand equals five hundred times r times five; r equals zero point four; r equals forty percent

Answer 1

please help

Answer 2

I = PRT
I = 500
P = 1000
T = 5
R = x

now we sub
500 = (1000)(5)(t)
500 = 5000t
500/5000 = t
0.1 = t (turn to percent by multiplying by 100)
10% = t

check..
I = PRT
500 = (1000)(5)(0.1)
500 = 5000(0.1)
500 = 500 (correct)
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you just got your interest and your principal mixed up.

Answer 3

thanks

Answer 4

anytime :)