Question

Mrs. Sandoval deposits $1500 in a bank account that pays an annual simple interest rate of 2.8%. How long will it take for Mrs. Sandoval to earn $300 in interest? Use simple interest formula I=Prt

Answer 1

You identify your given data as to which variable it represents in your formula.

Answer 2

I dont know what it represents

Answer 3

P is your principal amount by which in the problem gives you 1,500.
I is the interest for the given principal amount compounded for a certain period of time
i is your interest rate which is 0.028 in decimal. now substitute everything based on the given formula

Answer 4

you'll have time as t=(I)/(Pi)

Answer 5

so i would do 0.028 x 1,500

Answer 6

you'll have it as (300)/(1,500x.028). what's your answer then?

Answer 7

ohhh okay thanks im going to try it now

Answer 8

i got .714

Answer 9

try to check the decimal point

Answer 10

i got 7.14

Answer 11

i've got the same answer

Answer 12

so how long will it take her to earn 300 in interest?

Answer 13

7.14 years

Answer 14

thank you

Answer 15

you're welcome :)