Simple Interest Remember the simple interest equation I P r

Last updated: 1/22/2023

Simple Interest Remember the simple interest equation I P r t where P represents principal balance r represents the interest rate as a decimal and t represents time If you need a refresher on using the simple interest formula click here Malik deposits 350 into a simple interest savings account that earns 2 per year Saraiah deposits 400 into a different simple interest savings account that earns 1 per year 1 How much does Malik earn in interest in one year Use the simple interest formula 2 How much does Saraiah earn in simple interest per year Use the simple interest formula 3 Write an equation for each account where x represents the number of years that have passe and y represents total interest earned plus principal 4 How long will it take for Malik and Saraiah to have the same amount of money