document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=516585>Question 516585</A>: <I><SPAN STYLE=\"word-break: break-all;\"> For Adam's tenth birthday, his grandparents opened a savings account in his name. They made an initial deposit of $750. During the year, Adam made no additional deposits and no withdrawals. At the end of the first year, Adam's money had earned $26.25. Use the formula I = Prt, where I is the amount of interest earned, P is the principal, or the original amount deposited, r is the interest rate, and t is the time for which the money is invested to determine what the interest rate is on his savings account.\r<BR>\n" );
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document.write( "I know the equations but forgot the steps, can you walk me through it?\r<BR>\n" );
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document.write( "Here is my work so far: $26.25= 750r12\r<BR>\n" );
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document.write( "I used 12 in order to replace the 365 days ( 12 months)\r<BR>\n" );
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document.write( "What do I do now since the r is in the middle? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #344419 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=344419\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> For Adam's tenth birthday, his grandparents opened a savings account in his name. They made an initial deposit of $750. During the year, Adam made no additional deposits and no withdrawals. At the end of the first year, Adam's money had earned $26.25. Use the formula I = Prt, where I is the amount of interest earned, P is the principal, or the original amount deposited, r is the interest rate, and t is the time for which the money is invested to determine what the interest rate is on his savings account. <BR>\n" );
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document.write( "I = P*r*t<BR>\n" );
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document.write( "Note: The \"r\" is an annual rate<BR>\n" );
document.write( "The t is stated in years.<BR>\n" );
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document.write( "26.25 = 750*r*1<BR>\n" );
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document.write( "r = 26.25/750<BR>\n" );
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document.write( "rate = 0.035 = 3.5%<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "====================\r<BR>\n" );
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document.write( " </SPAN>\n" );
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