anonymous
  • anonymous
Newton currently has a balance of $1,716.18 in an account he has held for 29 years. He opened the account with an initial deposit of $784. What is the simple interest rate on the account?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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jdoe0001
  • jdoe0001
http://ncalculators.com/images/formulas/simple-interest-calculation-formula.jpg
anonymous
  • anonymous
that doesnt really help seeing as i need to find the rate
jdoe0001
  • jdoe0001
hmmmm, s = prt solve for "r"

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anonymous
  • anonymous
so how would i set that up? like I/Pt = Prt/Pt and divide both sides by Pt?
jdoe0001
  • jdoe0001
yeap, divide both sides by pt
jdoe0001
  • jdoe0001
\(\bf s = prt \implies \cfrac{s}{pt} = r\)
jdoe0001
  • jdoe0001
I'm not using the 100 part, thus the amount will come up as decimal
anonymous
  • anonymous
so it would look like 784*29/784*29? idk how i would set that up :/
anonymous
  • anonymous
idk i just cant set it up right
jdoe0001
  • jdoe0001
well, he started off with $784, thus that's the starting amount, thus is the PRINCIPAL what's the "interest earned"? well, today 29years later, he's got $1716.18 from that original amount the difference between 784 and 1716.18 is 1716.18 - 784 = 932.18
anonymous
  • anonymous
so 932.18 = and how would i set up the Prt/Pt?
anonymous
  • anonymous
932.18 = \[\frac{ 784*29 }{784*29 }?\]
jdoe0001
  • jdoe0001
\(\bf s = \textit{earned interest} = 932.18\\ p = \textit{principal or original amount deposited}\\ t = years\\\qquad \\ s = prt \implies \cfrac{s}{pt} = r \implies \cfrac{932.18}{784\times 29} = r \)
anonymous
  • anonymous
ok i got 34.48
jdoe0001
  • jdoe0001
34.48? ... recheck your calculation :|
anonymous
  • anonymous
i typed everything right im pretty sure
jdoe0001
  • jdoe0001
since we're not using the "100" figure as the one in the picture, the amount for the rate will show as a decimal number, less than 1
anonymous
  • anonymous
i typed this into my calculator 932.18/784*29 is that not right?
jdoe0001
  • jdoe0001
keep in mind, PEMDAS :)
jdoe0001
  • jdoe0001
932.18/784 then * 29, yes is 34.48
anonymous
  • anonymous
then how would i type that? :/ im sorry i dont understand
jdoe0001
  • jdoe0001
for a calculator, you'd need to group it => 932.18/(784*29) so the denominator gets evaluated, before any division takes place
anonymous
  • anonymous
oh alright so not i got 0.041 so it would be 4.1%?
jdoe0001
  • jdoe0001
yeap
anonymous
  • anonymous
:^)
anonymous
  • anonymous
thanks friend
jdoe0001
  • jdoe0001
yw

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