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in this video were going to talk about how to use the simple interest formula to solve word problems so lets start with this problem john invests 5 000 in a savings account at an annual interest rate of seven percent for five years how much money did he earn in interest so whats the total interest that he received in the course of these five years so the equation that were going to use is the simple interest formula i is equal to p r t where i is the total interest received which is what were looking for p is the principal thats how much money he invests in the account which was five thousand r is the annual interest rate which is seven percent but in the form of a decimal the decimal form of seven percent is seven divided by a hundred which turns out to be point zero seven and t is the time in years so t is five years so all we gotta do is take five thousand multiply by point zero seven times 5 so he receives a total of 1750 in simple interest now part b what is the total value
