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Show and explain your work. Hint: Use your interest formula from 1.09!

Algebra
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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. 

Apr 5th, 2015

Interest for 5 years =$7000

Interest for 1 year = $1400

Principal = $1400/0.035 = 1400000/35 =$40000

Apr 5th, 2015

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Apr 5th, 2015
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Apr 5th, 2015
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