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Elodia [21]
3 years ago
13

Charlie deposits $4000 into an account that pays simple interest at a rate of 2% per yearHow much interest will be be paid in th

e first years?
Mathematics
1 answer:
LekaFEV [45]3 years ago
3 0

Answer:

The interest to be paid in the first year is $80

Step-by-step explanation:

Simple Interest = p×R×T  / 100

WHERE p= principal   R= rate and t=times in year

we are given principal (p) = $4000

Rate (R) =  2     and Time T=1

We can now proceed to plug in our values in the formula

Interest = P×R×T  / 100

             =$4000×2×1  / 100    (The two zeros at the denominator will cancel-out two zeros at the numerator, we will be left with just 0 zero at the numerator)

             =40 × 2×1

              =$80

 

Therefore the interest to be paid in the first year is $80

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Step-by-step explanation:

I'm going to paint you a picture in words of what this looks like on paper.  We have a train leaving from a point on your paper heading straight west.  We have another train leaving from the same point on your paper heading straight east.  This is the "opposite directions" that your problem gives you.  

Now let's make a table:

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We will fill in this table from the info in the problem then refer back to our drawing.  It says that one train is traveling 12 mph faster than the other train.  We don't know how fast "the other train" is going, so let's call that rate r.  If the first train is travelin 12 mph faster, that rate is r + 12.  Let's put that into the table

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Train 1                                        r

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Then it says "after 2 hours", so the time for both trains is 2 hours:

           

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Train 1                                        r           *          2

Train 2                                  (r + 12)       *          2

Since distance = rate * time, the distance (or length of the arrow pointing straight west) for Train 1 is 2r.  The distance (or length of the arrow pointing straight east) for Train 2 is 2(r + 12) which is 2r + 24.  The distance between them (which is also the length of the whole entire arrow) is 232.  Thus:

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