Search
Ask a question
1

how do i evaluate a formula?

How do I evaluate the formula I=Prt if P=$5000, r=5.5% and t=2 years?

1 Answer by Expert Tutors

Tutors, sign in to answer this question.
Jim L. | Dr. Jim - Harvard graduate tutor - perfect SAT score!Dr. Jim - Harvard graduate tutor - perfe...
5.0 5.0 (170 lesson ratings) (170)
0
Hi Lorna, This equation shows interest is equal to principal X rate X time. Therefore, Interest = $5,000 X 5.5%/year X 2 years = $550. This assumes simple interest with no compounding. Jim