Time remaining:
Use the formula to find the amount

Algebra
Tutor: None Selected Time limit: 0 Hours

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.


Mar 19th, 2015

I = $7000

r = 3.5% = 0.035

t = 5 years

I = Prt

$7000 = P*(0.035)*(5)

solve for P:

P = 7000/(0.035*5)


P = $40,000
Mar 19th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Mar 19th, 2015
...
Mar 19th, 2015
May 23rd, 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