What interest is needed to earn $137.50 on a deposit of $500 for five years if it earns simple interest?
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Look for what 'y' is when t = 1 and t = 2. Go to the graph, look at 1 on the bottom axis and go up till you find the point, then go all the way to the left to see what the y-value is, in this case it should be 1200. If you do the same with t = 2, you will get 2400. So our two ordered pairs are:
(1, 1200), (2, 2400)
We can find the slope of these two points by plugging them into the slope formula:
For points in the form of (x1, y1), (x2, y2). Plug in what we know:
Subtract:
Divide:
This is the slope, so we can write the equation:
(1, 1200), (2, 2400)
We can find the slope of these two points by plugging them into the slope formula:
For points in the form of (x1, y1), (x2, y2). Plug in what we know:
Subtract:
Divide:
This is the slope, so we can write the equation: