what is the interest on $500 invested for 10 years in an account that earns simple interest at a rate of 2% per year ?

Question

imstuck · Answer

Are you familiar with the formula?

anonymous · Answer

no

anonymous · Answer

A = P(1 + rt)

Where:
A = Answer
P = Principal 
R = Rate
T = Time

anonymous · Answer

Plugin your numbers and you'll find the answer.

anonymous · Answer

huh

anonymous · Answer

500 = Principal
Rate = 2%
Time = 10 Years

anonymous · Answer

/so whats the answer

anonymous · Answer

Tell me what you get and I'll tell you if I got the same thing. We're not allowed to tell you.

anonymous · Answer

uhm idk how to solve it ???

anonymous · Answer

A = P(1 + rt) is a formula. You need to plug the information you're given into the formula and you'll get the answer. They give you the principal (p) the rate (r) and the time (t).

anonymous · Answer

your not getting what im saying do i divide or what

anonymous · Answer

What does the principal equal?
What does the rate equal?
What does the time equal?

anonymous · Answer

idkkkkkkk

anonymous · Answer

Did you read the question?

anonymous · Answer

more then once

anonymous · Answer

what is the interest on /$500\ invested for /10\ years in an account that earns simple interest at a rate of /2%\ per year ?

imstuck · Answer

I = prt

anonymous · Answer

What does the principal equal?
What does the rate equal?
What does the time equal?

anonymous · Answer

i just dont know if i divide first or what ?

imstuck · Answer

That's "Interest = Principle * Rate * Time

imstuck · Answer

Fill it in now.

imstuck · Answer

How much interest is what they want you to find.

anonymous · Answer

im confued give me the answer & ill work it out to find

anonymous · Answer

He's basically giving you the answer. Just plug the numbers in and do it.

imstuck · Answer

So, I = 500 * (the rate is the decimal form of 2%, which is .02) * 10

anonymous · Answer

I highlighted what p, r, and t equal. Now you just have to do basic math.

anonymous · Answer

im still confused do i divide ?

anonymous · Answer

* = multiply

anonymous · Answer

multiply 500mtimes 10?

anonymous · Answer

500 times 0.02

anonymous · Answer

What did you get?

anonymous · Answer

which is 10

anonymous · Answer

Okay now what is 10 times 10?

anonymous · Answer

100

anonymous · Answer

There's your answer.

anonymous · Answer

thank you !

anonymous · Answer

No problem :) hope I could help!

anonymous · Answer

can you help me one more time ? :)