Solve with an algebraic equation showing your work please?

Question

The Vegas want to invest $5000 of their daughters college fund for 18 months in a certificate of deposit that pays a simple interest of rate of 3.1% How much intrest will they earn??

Answer 1

1.5(.031 * 5000)



TFTP

Answer 2

We want to find the amount of interest they will earn.



They are investing $5000 for 18 mths. The interest rate is 3.1%, which equals .031 (3.1%*(1/100%))



I'm assuming that the interest is compounded monthly, so each month they will be making .031 * more than they did the month before. For the first month they will be making 5000*.031 dollars in interest. Therefore, they will have a total of 5000 + (5000*.031) dollars to be compounded the following month.

So the amount of interest she earns for month 2 should be added to the amount of interest she earned for month 1. Keep doing this until month 18, when you reach the amount of interest in month 18, add it to the rest of the interest accumulated.



does this help?

Answer 3

invest am (x) times -interest rate (b) times year time 1.5-(c)

(x)(b)(c)=earnings 5000 x .031 x1.5 155 x1.5= $ 232.50

I think might not have it right but is way i would think it out. Uncle

Answer 4

5000(1.031)^18 -- if 3.1% interest per month

8662.16-5000=3662.16 interest



5000(1.031)^1.5 -- if 3.1% interest per year

5234.29-5000=234.29 interest

Answer 5

http://www.teacherschoice.com.au/Maths_Library/Money/simple_interest.htm



so 1.5*5000*0.031

Answer 6

Do your own homework babe.