makaylab:
Tracy deposited $59 into a bank account that earned 3.5% simple interest each year. No money was deposited into or withdrawn from the account. How much money was in the account after 112 years? Round your answer to the nearest cent.
dude:
Welcome to QuestionCove! The simple interest formula could help you solve this equation \(A= P(1+rt)\) A = total amount P = principal(starting) amount r = rate t = time Do you know how to use this equation?
makaylab:
idk
dude:
Okay lets start with the basics What numbers are they giving us?
makaylab:
59 3.5% and 112
makaylab:
now what do i do
dude:
Yeah Do you know what each stands for?
makaylab:
no
dude:
Hmm What is the unit on 112?
makaylab:
idk *cries inside*
dude:
Just review the question :) `How much money was in the account after 112 years?`
makaylab:
idk
makaylab:
that is what i am trying to figure out
dude:
Its nothing out of the ordinary 112 just refers to years
dude:
Yes?
makaylab:
what do you mean tho
dude:
The question just says they want to know about the amount after 112 years 112 years is the time we want to know, right?
makaylab:
yea
dude:
Cool cool 3.5 is given as a percent, also stating it is interest Do you know which of these it would be? \(\color{#0cbb34}{\text{Originally Posted by}}\) A = total amount P = principal(starting) amount r = rate \(\color{#0cbb34}{\text{End of Quote}}\)
makaylab:
ok so what do i do to solve
dude:
Lets hold on I want to make sure you know what each means so that you have an idea on what to do in the future :) I'll ask another thing $59, do you think this is the starting amount, or the rate?
makaylab:
rate
dude:
Careful It would not be rate, it is the starting amount 3.5% is the rate How do find this out? Well usually the question will hint at it by the word `each` followed by a unit of time `each hour`, `each year` are examples of this The question has `earned 3.5% simple interest **each year.**` Low and behold we see each! This is how we know the rate :)
dude:
Now that we know everything we can substitute \(A= P(1+rt)\) We know: t, r, and P Which is: \(A= 59(1+(0.035)(12))\) Can you solve this now?
makaylab:
no well maybe let me try and you can tell me if i am right ok?
dude:
Of course!
b6yhybjfyvgchbujfybj:
can you help me
makaylab:
i can try
dude:
@b6yhybjfyvgchbujfybj Hey make a post! I can help you out later, lets keep the replies relevant to the original asker
dude:
@makaylab If you are still not sure yet, you can ask for help
makaylab:
1.42 i think mine is
dude:
Not quite Lets start off slow You'll need a calculator What is \(0.035 \times 12\)?
makaylab:
one sec
makaylab:
0.42
dude:
Good :) What is \(1+0.42\)?
makaylab:
0.43
dude:
Not quite \(1.00\) +\(0.42\)
makaylab:
1.42
dude:
Perfect Now, we lastly do \(59\times 1.42\)
makaylab:
83.78
dude:
Yes! That is your answer Remember units You'll have \($83.78\)
makaylab:
ok thank you so much
dude:
Oh wait I miscounted after D: Forgot it was 112 years, not 12 I apologize for that \(59(1+0.035×112)\) This gives you \($290.28\)
makaylab:
ok thnx
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