FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lori wants to deposit money into a bank account that earns 3.5% simple annual interest. Use the formula to find the amount of money that

Lori wants to deposit money into a bank account that earns 3.5% simple annual interest. Use the formula to find the amount of money that she should deposit so that she earns $7000 in interest after 5 years. Use I= Prt: Interest equals Principle time rate times time in years.

Show and explain your work.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Linear Algebra A Modern Introduction

Linear Algebra A Modern Introduction

Authors: David Poole

4th edition

1285463242, 978-1285982830, 1285982835, 978-1285463247

More Books

Students also viewed these Mathematics questions

Question

★★★★★
The manager for a growing firm is considering the launch of a new product. If the product goes directly to market, there is a 50 percent chance of success. For $125,000 the manager can conduct a...

Answered: 1 week ago

Question

★★★★★
List and discuss two potentially negative effects on society of the development of artificial intelligence techniques.pg24

Answered: 1 week ago

Question

★★★★★
5. What is a problem audit?

Answered: 1 week ago

Question

★★★★★
How could a check made out to Joseph Klimas and his Attorney Fritzshall & Gleason & Blue Cross Blue Shield Company and Carpenters Welfare Fund be negotiated further? What would be required? [Chicago...

Answered: 1 week ago

Question

★★★★★
_____ 4. Dr. Hipke calculates the standard error for a selected sample to be 2.If the number of subjects for Dr. Hipke's sample was n = 16, what was the standard deviation? a.64 b.128 c.8 d.it is...

Answered: 1 week ago

Question

★★★★★
Cost of Units Completed and in Process The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed...

Answered: 1 week ago

Question

★★★★★
ABC Manufacturers have decided to manufacture special work benches for office use. The work benches are designed to take into consideration the ergonomics in an office environment. The height and...

Answered: 1 week ago

Question

★★★★★
The Mercy Sales Co. employs the perpetual inventory basis in its accounting for new cars. On August 15, 2021 a new car was sold to Rose Castro with a list price of P220,000 costing P165,000. It...

Answered: 1 week ago

Question

★★★★★
in 2002 the Maryland General Assembly voted to purchase undeveloped land on the Chesapeake ay before a construction company could purchase it. The state plans to use the land as a park er...

Answered: 1 week ago

Question

★★★★★
American Airline monitors the luggage weights every day at LAX. Two controlled samples are taken from yesterday, and the weight (in pounds) of each luggage is recorded in the following table. (L1...

Answered: 1 week ago

Question

★★★★★
Post the transaction from General Journal in Tab 1 in the ledger accounts below. Go to tab 3 and see if Col b and C balance. If they do, you have posted everything correctly If they do not balance,...

Answered: 1 week ago

Previous Question Next Question