Simple Interest Problem Help

Mathematics
Tutor: None Selected Time limit: 1 Day

The simple interest formula is A=P(1+r)t squared where P represents the amount origionally deposited, r is the interest rate, and A is the account after t years.

Find r if A=2700, P=2300 and t=5

Express r as a pecentage to one decimal place (x.x%)

Dec 10th, 2014

A = P(1+r)t

A = P + Prt

2700 = 2300 + 2300 (r)(5)

2700 = 2300 + 11500r

400 = 11500 r

r = 0.03478 = or 0.035

Dec 10th, 2014

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Dec 10th, 2014
...
Dec 10th, 2014
Feb 24th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer