PLEASE HELP!! Lori wants to deposit money into a bank account that earns 3.5% simple annual interest. Use the formula to find the amount of money that she should deposit so that she earns $7000 in interest after 5 years. Show and explain your work.

Question

babyslapmafro · Answer

what is the formula?

babyslapmafro · Answer

A=P(1+rt)

babyslapmafro · Answer

does that look familiar?

anonymous · Answer

not really

babyslapmafro · Answer

I'm fairly confident that the equation I type is for simple annual interest.

babyslapmafro · Answer

P is the initial investment

r is the rate 

t is the time

babyslapmafro · Answer

A is the initial investment + interest

anonymous · Answer

so p = 7000, r = 3.5 and t = 5?

babyslapmafro · Answer

t=5 is correct

babyslapmafro · Answer

your rate is given as 3.5 percent.  percent means "per 100".  so to get your value for the rate you have to divide 3.5 by 100.  3.5/100=3.5%

anonymous · Answer

okay

babyslapmafro · Answer

so could you tell me what r is?

anonymous · Answer

3.5%?

babyslapmafro · Answer

no

anonymous · Answer

5?

babyslapmafro · Answer

i don't think you are reading what I am saying

babyslapmafro · Answer

i confirmed that t=5

babyslapmafro · Answer

i will copy and paste what i posted before....

so to get your value for the rate you have to divide 3.5 by 100

anonymous · Answer

so the rate is what we have to find out?

babyslapmafro · Answer

that is one of the things we have to determine in order to solve the original problem

anonymous · Answer

can you show me how to solve the problem because i only have a little time left

babyslapmafro · Answer

i'm will try and guide you through the problem but i will not solve it for you

anonymous · Answer

okay