Question

After 4 years, Aspen earned $510 in simple interest from a CD into which she initially deposited $3000. What was the annual interest rate of the CD?

A. 13%
B. 8.5%
C. 4.25%
D. 11.75%
I=_P_∗_R∗_T_
100
sorry about the formula i know it look crappy :P

Answer 1

@kl0723

Answer 2

do u know how to do it?

Answer 3

is that the following? \[I = \frac{ P \times R \times T }{ 100 }\]

Answer 4

yep

Answer 5

ok so (I) is the interest money that she earned, then (P) is the principal amount, (R) is the rate in decimal form, (T) is the time the money was invested, so from this equation we need to solve for R :)

Answer 6

i know that P=$3000, I=$510, T=4 n R=?
i have everything written i just need to know how to solve it

Answer 7

remove the 100 from the bottom, you do not need it

Answer 8

the original formula is I = PRT

Answer 9

so to solve for R we need to divide the right side by P and T, doing the same on the left side can you draw that step?

Answer 10

that weird cuz they told me it also involves the 100 but what lets just go with urs

Answer 11

the 100 is to get a direct answer, we will find R in decimal form and then convert it to percent form so you know how to that as well :)

Answer 12

yea i don't know what u mean

Answer 13

lets isolate R to get our answer, can you do that?

Answer 14

since P,R and T are factors, that means they are multiplying, we need to divide in order to leave one of them alone

Answer 15

my apologize i don't know how to do these types of question cuz im only 13 n i have to do these high school work

Answer 16

np that's what you're here for :)