## anonymous 4 years ago If the principal P = $900, the interest I =$702, and time t = 6 years, find the following. (a) What is the rate? 45.5 . % (b) What is the future value?

1. anonymous

the rate is not 45.5 thats a typo

2. anonymous

i=prt but my answers keep coming up wrong

3. anonymous

is it compounding or simple interest

4. anonymous

ok so it is simple interest

5. anonymous

702=900*r*6

6. anonymous

$\large{Interest = Principal\times{rate}\times{time}}$ let us assume rate of interest is r $\large{702 = 900\times{r}\times{6}}$ now solve for r

7. anonymous

702=5400r

8. anonymous

702/5400

9. anonymous

0.13

10. anonymous

?

11. anonymous

yes you are right

12. anonymous

13. anonymous

Future value means total amount you will be having after 6 years

14. anonymous

a=p+i

15. anonymous

yes

16. anonymous

0.13=900+702

17. anonymous

no just $\large{{Amount}= Principal + Interest Earned}$

18. anonymous

oic lol been studying to long 900 + 702

19. anonymous

thanks so much 1702

20. anonymous

no it is not correct

21. anonymous