Resources

Resources

Bytelearn - cat image with glasses

AI tutor

Welcome to Bytelearn!

Let’s check out your problem:

How much should you invest at
3.1% simple interest in order to earn
$75 interest in 10 months?

How much should you invest at $3.1 \%$ simple interest in order to earn $\$ 75$ interest in $10$ months?

View step-by-step help

View step-by-step help

Convert between customary and metric systems

Full solution

Q. How much should you invest at

3.1 \%

simple interest in order to earn

\$ 75

interest in

10

months?

Understand Formula and Values: Understand the formula for simple interest and identify the known values. $\newline$ Simple interest can be calculated using the formula $I = PRT$ , where $I$ is the interest earned, $P$ is the principal amount (initial investment), $R$ is the annual interest rate (as a decimal), and $T$ is the time in years. $\newline$ We know the following: $\newline$ $I$ (Interest) = $\$75$ $\newline$ $R$ (Annual Interest Rate) = $3.1\%$ or $0.031$ (as a decimal) $\newline$ $T$ (Time) = $I$ $1$ months or $I$ $2$ years $\newline$ We need to find $P$ (Principal).
Convert Rate and Time: Convert the annual interest rate to a decimal and the time into years. $\newline$ $R = 3.1\% = 0.031$ (as a decimal) $\newline$ $T = 10$ months $= \frac{10}{12}$ years
Rearrange Formula for P: Rearrange the simple interest formula to solve for P (Principal). $\newline$ The original formula is $I = PRT$ . $\newline$ To solve for P, we rearrange the formula to $P = \frac{I}{(RT)}$ .
Substitute Values for P: Substitute the known values into the rearranged formula to calculate P. $\newline$ $P = \frac{\$75}{0.031 \times \frac{10}{12}}$
Perform Calculation: Perform the calculation. $\newline$ $P = \frac{\$75}{0.031 \times \frac{10}{12}}$ $\newline$ $P = \frac{\$75}{0.031 \times \frac{5}{6}}$ $\newline$ $P = \frac{\$75}{0.031 \times 0.8333\ldots}$ $\newline$ $P = \frac{\$75}{0.0258333\ldots}$ $\newline$ $P \approx \$2903.23$

More problems from Convert between customary and metric systems

Question

\newline

1

2

\_\_\_\_\_

Posted 1 month ago

Question

710

milliliters of energy drink yesterday. How many liters of energy drink did he consume?

\newline

(Round your answer to the nearest hundredth of a liter.)

Posted 1 month ago

Question

A real estate purveyor purchases a

60

000

\left(\mathrm{ft}^{2}\right)

warehouse and decides to turn it into a storage facility. The warehouse's width is exactly

\frac{2}{3}

of its length. What is the warehouse's width? Round your answer to the nearest foot.

Posted 1 month ago

Question

3

cups (c) of flour to bake

2

loaves of bread. If

1

pound (lb) of flour is equivalent to

3 \frac{1}{3} \mathrm{c}

, how many loaves of bread can the baker make with a

10 \mathrm{lb}

\newline

(Round the answer to the nearest whole number.)

Posted 27 days ago

Question

\$ 2500

into a savings account.

\newline

The relationship between the time,

t

, in years, since the account was first opened, and Ella's account balance,

B(t)

, in dollars, is modeled by the following function.

\newline

B(t)=2500 \cdot e^{0.025 t}

\newline

What will the balance of Ella's savings account be after

4

years? Round your answer, if necessary, to the nearest hundredth.

\newline

\$

Posted 2 months ago

Question

Maya needs to rent a car while on vacation. The rental company charges

\$17.95

18

cents for each mile driven. If Maya only has

\$40

to spend on the car rental, what is the maximum number of miles she can drive?

\newline

\newline

(Round your answer down to the nearest whole mile)

Posted 2 months ago

Question

What is the area of a circle whose circumference is

1447

\pi=3.14

166698.73\,\text{m}^2

Posted 2 months ago

Question

What is the area of a circle whose circumference is

1447

\pi = 3.14

166698.73 \, \text{m}^2

Posted 1 month ago

Question

13

feet to meters using

3.281

1

\newline

Round answers to hundredths of meters (or

2

decimal places)

Posted 2 months ago

Question

14

feet to meters using

3.281

1

\newline

Round answers to hundredths of meters (or

2

decimal places)

Posted 2 months ago