SOLUTION: Please check my answer! Instructions: Identify the rate, base and amount in the following application(do not solve the application at this point) Question: Paul invested

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Please check my answer! Instructions: Identify the rate, base and amount in the following application(do not solve the application at this point) Question: Paul invested       Log On


   

Question 47567This question is from textbook Beginning Algebra
: Please check my answer!
Instructions: Identify the rate, base and amount in the following application(do not solve the application at this point)
Question:
Paul invested $5000.00 in a time deposit, what interest will he earn for 1 year if the interest rate is 6.5%
My answer:
base=$5000.00
rate=6.5%
amount = unknown
Did I do this correctly based on the info that I provided?
Thank You! This question is from textbook Beginning Algebra

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Paul invested $5000.00 in a time deposit, what interest will he earn for 1 year if the interest rate is 6.5%
Interest = Principal * rate
5000*0.065 = $325
Cheers,
Stan H.