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Could someone help me with this problem? I'd need the formula you used to solve it too. :p
Andrea wants to deposit money into a bank account that earns 4% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $2800 after 3.5 years. Show and explain your work.
5 bucks and I'll do it :P
Wait, are you looking for 2800 as the total, or the interest earned?
Do it yourself.
Original Formula
Interest = (Principle amount)(rate)(time)
Insert Variables
2800 = (P)(0.04)(3.5)
divide by time and rate
2800/3.5/0.04 = P
Get Principle amount
20000 = P
Yeah that was my doubt, but frkydude solved it. :D Thanks bro!Quote:
Originally Posted by Smithno13
Lol, I had that same answer before I posted. But then I thought back and realized that if you needed help, it must be hard. I guess not.