the equation i = (675)(0.042)(7) represents the amount of interest earned on a simple interest savings…
the equation i = (675)(0.042)(7) represents the amount of interest earned on a simple interest savings account. what does the value 7 represent?\nprincipal amount\ninterest rate\ntime\ninterest earned
Answer
Explanation:
Step1: Recall simple - interest formula
The simple - interest formula is $I = Prt$, where $I$ is the interest earned, $P$ is the principal amount, $r$ is the interest rate, and $t$ is the time.
Step2: Match values in given equation
In the equation $I=(675)(0.042)(7)$, comparing with $I = Prt$, 675 is the principal amount $P$, 0.042 is the interest rate $r$ (since it is in decimal form), and 7 is the time $t$.
Answer:
Time