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anonymous

  • one year ago

Sam opened a money-market 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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  1. anonymous
    • one year ago
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    No

  2. anonymous
    • one year ago
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    it says simple interest so we can use this formula \[I = Prt\] I = interest P = principle r = interest rate t = time in years

  3. anonymous
    • one year ago
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    Do you just multiply it all ?

  4. anonymous
    • one year ago
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    you're solving for time, so it won't all be multiplication. You have to plug in the numbers and solve for \(t\)

  5. anonymous
    • one year ago
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    So you multiply then divide?

  6. anonymous
    • one year ago
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    yes

  7. anonymous
    • one year ago
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    Im confused on what to multiply

  8. anonymous
    • one year ago
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    we 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

  9. anonymous
    • one year ago
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    Thanks I found the answer of 5

  10. anonymous
    • one year ago
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    yes that's right

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