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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it says simple interest so we can use this formula
\[I = Prt\]
I = interest
P = principle
r = interest rate
t = time in years
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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 \(t\)
So you multiply then divide?
Im confused on what to multiply
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