Question 1038723: 7TH GRADE MATH
Rachel earns 2% simple annual interest on the money she has in her savings account. Last year she did not deposit or withdraw from her savings account and earned $35 in interest.
A. How much money did Rachel have in her savings account at the beginning of last year? Explain how you set up an equation to solve this. (Use: Interest= Principal x Rate x Time)
B. How much money did Rachel have in her savings account at the end of last year?
I did the problem and got $1,750 for A, and $1,785 for B. I'm not sure if these answers are right.
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! she earns 2% simple interest per year.
interest = principal * rate * time
rime is measured in years or fractions of years.
rate is per year.
in one year she earned 35 dollars in interest.
interest rate as a decimal equals interest rate as a percent / 100.
2% = .02
interest = principal * rate * time.
formula becomes 35 = principal * .02 * 1
simplify to get 35 = principal * .02
divide both sides of the equation by .02 to get 35/.02 = principal
solve for principal to get principal = 35/.02 = 1750.
that was at the beginning of last year.
at the end of last year, rachel had 1750 + 35 = 1785.
your answers look good.
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