A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

kenialove

  • one year ago

Saccoro invested $3800 for 3 1/2 years. She earned $983.25 in simple interest. What was the annual interest rate, to the nearest hundredth of a percent ? A. 0.74% B. 5.35% C. 7.39% D. 13.53%

  • This Question is Closed
  1. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I know that the formula for this would be I = P R T . But I forgot what numbers go where

  2. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Do you have the simple interest formula on hand?

  3. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I is your interest. P is your principal (the amount you start out with). R is your rate (rate at which you gather interest, which is in decimal form), and T is for time.

  4. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Yea that I know .. But wat I need help with is how do I put the numbers in ?

  5. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Just convert the percentages into decimal form and plug each choice into the equation. A good hint is that the interest rate has to be relatively large for Saccoro to earn that much interest.

  6. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I was thinking bout doing that but I have to show my work so I rather do it the formula way

  7. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay. 3800 is the principal (P), since that's what she started with. The rate is what you're trying to find out. The time (t) is 3 and a half years. I is the 988.

  8. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Wait did u switch 983.25 into 988

  9. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Once you have those numbers in the equation, then it's valid work to simply plug in the answer choices for R.

  10. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Oops, I meant 983.25 xD

  11. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I hope that all made sense.

  12. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Oh okay and one more thing for time would I put 3 years or 3.5 years

  13. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    And yea that made perfect sense

  14. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    3.5 years :)

  15. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay thanks so much

  16. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Np.:)

  17. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Would the answer be C. 7.39% ?

  18. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I did this .. 983.25 = (3800) (r) (3.5) 983.25 = 13,300r 983.25 / 13,300 = 0.073928 r = 7.39 %

  19. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    That looks right to me :)

  20. kenialove
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay thanks

  21. anonymous
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Np!

  22. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.