We use cookies to personalise content and advertisements and to analyse access to our website. Furthermore, our partners for online advertising receive pseudonymised information about your use of our website. cookie policy and privacy policy.
 
+0  
 
0
72
1
avatar

How much money would you need to deposit to earn $35 in simple interest in one year if your bank pays 3.5% annually? " its a multiple choice i must circle the correct way to set up the formula and then solve it.

the choices r: a. 35 x .035 b. 35 over .035 or c. .035 over 35

 Jan 29, 2019
 #1
avatar+101255 
+1

35 = P (.035)(1)     where P is the amt deposited

 

35 =  P (.035)

 

P =  35 / (.035)   ⇒    "b"

 

BTW... P  =  $1000

 

 

cool cool cool

 Jan 29, 2019

21 Online Users

avatar
avatar