in the formula $i = pcdot rcdot t$, what does $r$ stand for?\na. rate: the percent that interest is paid…
in the formula $i = pcdot rcdot t$, what does $r$ stand for?\na. rate: the percent that interest is paid annually as a decimal\nb. ratio: the size of the interest interval compared to time\nc. return: how much money you end up earning\nd. reserves: how much money you have in the investment
Answer
Brief Explanations:
The formula $I = P\cdot r\cdot t$ is the simple - interest formula, where $I$ is the interest, $P$ is the principal amount, $t$ is the time in years, and $r$ is the annual interest rate expressed as a decimal.
Answer:
A. Rate: the percent that interest is paid annually as a decimal