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anonymous
 one year ago
Sam opened a moneymarket account that pays 5% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $1,750 in interest. How long did he keep his account open?
anonymous
 one year ago
Sam opened a moneymarket account that pays 5% simple interest. He started the account with $7,000 and made no further deposits. When he closed the account, he had earned $1,750 in interest. How long did he keep his account open?

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0it says simple interest so we can use this formula \[I = Prt\] I = interest P = principle r = interest rate t = time in years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Do you just multiply it all ?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0you're solving for time, so it won't all be multiplication. You have to plug in the numbers and solve for \(t\)

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So you multiply then divide?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Im confused on what to multiply

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0we have to set up the equation. Did you substitute the numbers from the problem for the variables in the formula. Interest = 1750 → put that where \(I\) is in the formula Principle = 7000 → put that where \(P\) is Interest rate as a decimal = 0.05 → put that where \(i\) is time is what we're solving for

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Thanks I found the answer of 5
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