Question

Only answer this is your good at math. I don’t want to see some random kid answering this and get the answer wrong without explanation.

Question: You open a bank with a simple interest of 1.95% and your principal / p have been laying there for 30 whole years. After 30 years, you see that there is $800 in your brand account. What was the interest and what was the principal?

The Formula is I=P*R*T
interest, principal, rate, and time

Answer 1

Answer: To solve this problem, we can use the formula for simple interest:

I = P * r * t

where I is the interest earned, P is the principal, r is the interest rate as a decimal, and t is the time in years.

We are given that the interest rate is 1.95% = 0.0195, the time is 30 years, and the final amount in the account is $800. Let P be the principal we are trying to find.

First, we can use the formula to find the total interest earned over the 30-year period:

I = P * r * t

I = P * 0.0195 * 30

I = 0.585P

Next, we can use the fact that the final amount in the account is the sum of the principal and the interest:

800 = P + 0.585P

800 = 1.585P

P = 504.71

Therefore, the principal was $504.71 and the interest earned over the 30-year period was:

I = 0.585P

I = 0.585 * 504.71

I = 294.29

So the interest earned was $294.29.

Explanation: