Question

Brody deposited $500 into an account that
earns 4.2% interest compounded annually. He
makes no additional deposits and no withdrawals.
Approximately how much interest will the account
have earned after 7 years?
A $167
B $420
C $542
D $665

Answer 1

The formula for simple interest is I=prt

Answer 2

I=interest
p= investment
r= rate
t= time in years

Answer 3

In this problem 500 is the investment 4.2% is the rate and 7 is the amount of time

Answer 4

to solve this problem we need to covert the percentage 4.2 into a decimal

Answer 5

to do so we divide 4.2% by 100

Answer 6

4.2/100=0.042

Answer 7

so 0.042 is are rate

Answer 8

now we multiply the investment rate and time

Answer 9

(500)(0.042)(7)=147

Answer 10

$147 is the interest

Answer 11

Are you still there? @Vocaroo

Answer 12

sorry I'm muti-tasking

Answer 13

its ok

Answer 14

do you understand now?

Answer 15

well I don't think its a simple interest

Answer 16

are you sure that a is not 147 instead of 167

Answer 17

oh ok

Answer 18

because both answers are very close

Answer 19

no its 167 :/

Answer 20

oh okay sorry I didn't help

Answer 21

good luck

Answer 22

your helping me, openstudy really isn't a place I come for help. But you did help me a little and I thank you for that

Answer 23

No problem

Answer 24

I have to go now so good luck with your problem

Answer 25

try reposing this question someone might see it then and help