## Related questions with answers

Question

Graph the simple interest earned on $950 at an annual rate of 4.2%.

Solution

VerifiedStep 1

1 of 2Using $I=prt$ or the Simple Interest Formula, with $p=950$ and $r=5.1\%,$ then

$\begin{align*} \text{If $t=1$:}\\ I&=950(0.051)(1) \\&= 48.45 \\\\ \text{If $t=2$:}\\ I&=950(0.051)(2) \\&= 96.9 \\\\ \text{If $t=3$:}\\ I&=950(0.051)(3) \\&= 145.35 \\\\ \text{If $t=4$:}\\ I&=950(0.051)(4) \\&= 193.8 .\end{align*}$

The graph of the results above is shown below. The horizontal axis is the time and the vertical axis is the interest.

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