Given the simple interest formula:
I = P•R•T
where:
I = interest
P = principal
R = interest rate
T = time (in years)
We can isolate R algebraically to find out the interest rate:
I = P•R•T
Divide both sides by P•T:
I / (P•T) = (P•R•T)/(P•T)
The formula for the interest rate is:
R = I / (P•T)
Substitute the given values into this formula to solve for the interest rate (R):
R = I / (P•T)
R = $490/ ($1,400 • 5 years)
R = $490 / $7,000
R = 0.07 or 7%
Therefore, the interest rate is 7%.
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Here's an example: If you have -9 and it asks for the absolute value of it, it means the opposite. The absolute value of -9 is positive 9.
Answer: 4 oz
<u>Step-by-step explanation:</u>
Create a table. Multiply across and add down (the middle column cannot be added). The Mixture line creates the equation that must be solved.
Let x represent the unknown quantity of walnuts.
