Question

lorraine invested $5500 in a savings account with a yearly interest rate of 6% for 9 years. How much simple interest did she earn?

Answer 1

I = Prt

Every time.

Answer 2

i don't know what that means? @tkhunny

Answer 3

is there a formula for it?

Answer 4

It is THE formula for Simple Interest. You MUST have seen it, before. Otherwise, it is utterly silly for you to have been given this problem.

For SIMPLE interest:

I = Interest Earned
P = Principal Amount
r = Simple Interest Rate (Annual)
t = Time in Years

I = Prt

Go!

Answer 5

okay hold on.

Answer 6

so what number do i use ;/

Answer 7

number's?

Answer 8

Use the ones in the problem statement in place of the variables I have defined for you.

Answer 9

okay

Answer 10

can you give me another hint please?

Answer 11

it's really hard for me.

Answer 12

Read the problem statement. What is the Principal Amount invested?

Answer 13

6%

Answer 14

yes? or am I wrong?

Answer 15

Is that an amount or a percentage?

Answer 16

So $5500 is the Principal amount

Answer 17

2970

Answer 18

That is not in the problem statement. Did you find the principal amount?

Answer 19

no

Answer 20

do i have to multiply everything?

Answer 21

There are three values in the problem statement. Please identify them and classify them.

Answer 22

"$5500" is what?
"6%" is what?
"9 years" is what?

Answer 23

$5500 is in the savings account?
6% is the yearly interest rate
& 9 years

Answer 24

for 9 years?

Answer 25

Compare to the Definitions.

P = Principal Amount
r = Simple Interest Rate (Annual)
t = Time in Years

Answer 26

okay i get it

Answer 27

thank you so much

Answer 28

What did you get?