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Today at 12:37 AM
Mathematics

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Rachel earns 2% simple annual interest on the money she has in her savings account. Last year she did not deposit to or withdraw from her savings account and earned $35 in interest.

A. How much money did Rachel have in her savings account at the beginning of last year? Explain how you set up an equation to solve this.

B. How much money did Rachel have in her savings account at the end of last year?

Answer :

texaschic101 texaschic101

Today at 12:42 AM

A. I = PRT....rearrange.....I / RT = P

35 / (0.02 * 1)= P
35 / 0.02 = P
1750 = P <== at the beginning of last year

1750 + 35 = 1785 <== at the end of last year

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