SOLUTION: Mandy places all her money in a savings account that has a 3.5% interest rate for 10 years. If her total deposit is $568, how much interest will she earn? Show all work needed to s

Algebra ->  Proportions  -> Lessons -> SOLUTION: Mandy places all her money in a savings account that has a 3.5% interest rate for 10 years. If her total deposit is $568, how much interest will she earn? Show all work needed to s      Log On


   

Question 1205531: Mandy places all her money in a savings account that has a 3.5% interest rate for 10 years. If her total deposit is $568, how much interest will she earn? Show all work needed to solve this problem using proportions.
Found 2 solutions by josgarithmetic, greenestamps:
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
Yearly compounding?

568%2A%281.035%29%5E10-568

Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


(1) The problem needs to specify simple interest or compound interest; and if compound interest it needs to specify the compounding frequency.

(2) I don't see any way that proportions can be used to solve the problem.

Re-post your question with all required information.