how long will it take to earn $787.50 on $5000 at 5 1/4%(percent)
what is the rate it is compounded? annually, semi-annually, monthly, what?
dat information is not given
aren't you supposed to be using the interest rate formula? if so, then u have two variables missing, the n and t, and it's impossible to solve that problem without the n
The formula giben to me was the following:
interest = principal x rate x time(in years)
please excuse the typing errors
So plug in 787.50 for interest, 5000 for principal, 0.525 for rate, and solve for t (in years.) That assumes the 5 1/4% is an annual percentage rate, it doesn't compound, and the rate stays the same.
That's 0.0525 for interest. Sorry about the typo.
No worries! Let's solve the problem using the formula you provided.
The formula for calculating interest is:
interest = principal x rate x time
We want to find the time it will take to earn $787.50 on $5000 at a rate of 5 1/4% (0.0525 in decimal form). We can plug in the values and solve for time (t):
787.50 = 5000 x 0.0525 x t
Now, divide both sides of the equation by (5000 x 0.0525) to isolate t:
t = 787.50 / (5000 x 0.0525)
You can simplify the right-hand side of the equation:
t = 787.50 / 262.50
Divide 787.50 by 262.50 to get the value of t:
t = 2.9981
To answer the question, it will take approximately 3 years to earn $787.50 on $5000 at a rate of 5 1/4% if the interest is not compounded and the rate stays the same.
However, please note that based on the information provided, we don't know the compounding period (annually, semi-annually, monthly, etc.). The formula we used assumes simple interest where the interest is not compounded.