SOLUTION: write an algebraic equation to describe the interest (I) earned on an investment of $2,000 at an annual rate of 5% for (Y) years.
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Question 98298: write an algebraic equation to describe the interest (I) earned on an investment of $2,000 at an annual rate of 5% for (Y) years.
Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
write an algebraic equation to describe the interest (I) earned on an investment of $2,000 at an annual rate of 5% for (Y) years.
Use the formula for simple interest:
Interest = (Principle)(rate)(interest)
I=(2,000)(.05)(y)
I/(2,000)(.05)=y
I/100=y
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