## Shannon_r83 3 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. Shannon_r83

the rate is not 45.5 thats a typo

2. Shannon_r83

i=prt but my answers keep coming up wrong

3. sheg

is it compounding or simple interest

4. sheg

ok so it is simple interest

5. Shannon_r83

702=900*r*6

6. sheg

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

7. Shannon_r83

702=5400r

8. Shannon_r83

702/5400

9. Shannon_r83

0.13

10. Shannon_r83

?

11. sheg

yes you are right

12. Shannon_r83

13. sheg

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

14. Shannon_r83

a=p+i

15. sheg

yes

16. Shannon_r83

0.13=900+702

17. sheg

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

18. Shannon_r83

oic lol been studying to long 900 + 702

19. Shannon_r83

thanks so much 1702

20. sheg

no it is not correct

21. sheg