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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
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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

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