Answered You can hire a professional tutor to get the answer.

QUESTION

Please see below. I have myself so confused on this formula. Can you provide the correct formula so I can solve.

Please see below. I have myself so confused on this formula. Can you provide the correct formula so I can solve.

The simple interest formula is given by I = PRT, where I =interest earned, P=principal deposited to the account, R=interest rate in decimal form, and T=time in years that the principal remains in the account.

Solve the formuala for R

Use the new version of the formula to find R, the rate of simple interest, given that a deposit of $10,000 earned $5,200 on simple interest when left in an account for 8 years. Write R as a percent.

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question