Answer:
I = 0.015x
Step-by-step explanation:
To calculate the interest obtained from your investment after one year, multiply the interest rate by the investment.
You can use the formula I = Prt; where:
"I" is interest (Capital i).
"P" is principal, starting money or investment.
"r" is the interest rate converted to decimal form.
"t" is the time, usually in years.
Convert 1 1/2% to decimal form. First, <u>change the mixed fraction percentage to a decimal percentage. Convert the percentage to decimal form by dividing by 100.</u> This value will be "r". (Don't confuse decimal form with decimal form as a percentage).
1 1/2% = 1.5%
1.5% ÷ 100 = 0.015
r = 0.015
From the problem, we know the time is 1 year; t = 1.
We don't know the value for the principal, "P", but we are told to use the variable "x"; P = x
Using the bolded information, substitute them for the variables into the formula.
I = Prt
I = (x)(0.015)(1) Remember any number multiplied by "1" is not changed.
I = (x)(0.015) Change the standard formatting without brackets.
I = 0.015x Formula for the interest obtained after 1 year.
