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.

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)

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