If Rita recieves $40.24 interest for a deposit earing 7% simple interest for 220 days, what is the amount of her deposit? Round to the newrest cent
Added by Gina B.
Step 1
Step 1: Understand the formula for simple interest The formula for simple interest is: I = P * R * T, where I is the interest, P is the principal amount (the initial deposit), R is the rate of interest, and T is the time period. Show more…
Show all steps
Close
Your feedback will help us improve your experience
Lynn Larson and 78 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
If Rita receives $36.54 interest for a deposit earning 5% simple interest for 10 days, what is the amount of her deposit? (Round your answer to the nearest cent.)
Lynn L.
If Rita receives $36.04 interest for a deposit earning 5% simple interest for 120 days, what is the amount of her deposit?
Akash M.
If Rita receives $63.90 interest for a deposit earning 6% simple interest for 150 days, what is the amount of her deposit to the nearest dollar (zero decimal place). Use a 360- day year.
Donna D.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD