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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.
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Thread: Halp!?
- 22 Jun. 2010 11:53pm #1
Halp!?
- 22 Jun. 2010 11:56pm #2
5 bucks and I'll do it
LG's resident grammar nazi.
Need warez? I can probably find it for you. Throw me a PM.
For all of my sales, if you refer a buyer to me and they make a purchase, you can recieve 5%
- 23 Jun. 2010 12:01am #3
Wait, are you looking for 2800 as the total, or the interest earned?
LG's resident grammar nazi.
Need warez? I can probably find it for you. Throw me a PM.
For all of my sales, if you refer a buyer to me and they make a purchase, you can recieve 5%
- 23 Jun. 2010 12:05am #4
Do it yourself.
- 23 Jun. 2010 12:35am #5
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[SIGPIC][/SIGPIC]
- 23 Jun. 2010 01:37am #6 Yeah that was my doubt, but frkydude solved it.
Originally Posted by Smithno13 
Thanks bro!
- 23 Jun. 2010 02:21am #7
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.
LG's resident grammar nazi.
Need warez? I can probably find it for you. Throw me a PM.
For all of my sales, if you refer a buyer to me and they make a purchase, you can recieve 5%
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