Question 894234: Pretty please help me! I don't want the answer, I just need to understand how to do it.
I=prt.
p= $9,000
r= 5 and 1/2%
t= 2 years, 9 months.
Thank you in advance!
Answer by jim_thompson5910(35256)   (Show Source):
You can put this solution on YOUR website! I'm assuming you want the interest earned. Please state all of the instructions.
Given info:
P = 9000
r = 0.055 (5 and 1/2% = 5.5% = 5.5/100 = 0.055)
t = 2 yrs, 9 months = 2 + 9/12 = 2 + 0.75 = 2.75 years
So we're plugging in P = 9000, r = 0.055, t = 2.75 into the formula below
I = P*r*t
I = 9000*0.055*2.75
I = 1,361.25
Therefore you earn $1,361.25 in interest only. This brings the total amount in the account to 9000+1,361.25 = $10,361.25
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