Answer: $278,960 interest
Explanation:
Alright so here is a method you can use to solve this it's called I P R T
I = Interest
P= original amount
R= percent as decimal
T= time in years
Question: 5,500 at 8% for 634 years
I = X (we don't know yet)
P = 5,500
R = 8% = 0.08
T = 634 yrs
1. Set the question up: 5,500 is your original amount of money, so it goes on P.
2. in order to set it up you need to convert 8% to a decimal by moving the decimal 2 places to the left 0.08 Note: 8% is a whole number. this means 0.08 is your percent as a decimal, so it's R.
3. 634 years should go be in time in years Note: (only use this if you have months) if you ever come out with 18 months you have to divide
because they're 12 months in one year. then your answer will be 1.5 years/ 1 year and a half.
Note: don't worry about interest because there should always be a blank letter that's why we're solving it.
4. To find your interest simply use this method to solve.
Problem:
1. Solve: original amount x percent as decimal x years / 5,500(0.08)(634)
2. Answer: after you've multiplied you should've got $278,960 Interest.
I hope this helped ;) have a nice day here is a guide ;)