Question

The amount of simple interest earned, n, varies jointly with the rate of interest, r, and the number of years, t. The simple interest earned is $3.50 when the rate of interest is 2% for 0.5 year. Find the equation that represents this relationship.

Answer 1

To find the equation that represents the relationship between the amount of simple interest earned, rate of interest, and number of years, use the formula I = P x r x t. Substitute the given values to solve for P and find the equation n = $350.

Step-by-step explanation:

To find the equation that represents the relationship between the amount of simple interest earned (n), the rate of interest (r), and the number of years (t), we can use the formula for simple interest:

I = P × r × t

where I is the interest, P is the principal (the initial amount of money), r is the interest rate, and t is the time in years. From the given information, we know that the simple interest earned is $3.50, the rate of interest is 2%, and the time is 0.5 year. Substituting these values into the formula, we have:

$3.50 = P × 0.02 × 0.5

Simplifying further, we get:

$3.50 = 0.01P

To find the equation, we divide both sides of the equation by 0.01:

P = $3.50/0.01

P = $350

Therefore, the equation that represents the relationship is n = $3.50/0.01 = $350.