anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
No
anonymous
  • anonymous
it says simple interest so we can use this formula \[I = Prt\] I = interest P = principle r = interest rate t = time in years
anonymous
  • anonymous
Do you just multiply it all ?

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anonymous
  • anonymous
you're solving for time, so it won't all be multiplication. You have to plug in the numbers and solve for \(t\)
anonymous
  • anonymous
So you multiply then divide?
anonymous
  • anonymous
yes
anonymous
  • anonymous
Im confused on what to multiply
anonymous
  • anonymous
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
anonymous
  • anonymous
Thanks I found the answer of 5
anonymous
  • anonymous
yes that's right

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