Question: Please help! The process in solving the problem below is INCORRECT: ... A] Identify the mistake(s) B] Correct C] Justify (show) your reasoning Mrs. Smith

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The process in solving the problem below is INCORRECT: ... A] Identify the mistake(s) B] Correct C] Justify (show) your reasoning Mrs. Smith has $55,000 to invest. She wants to earn $4,000 in interest. She is considering a savings and loans bank that is offering her 1.5% interest per year. For how long will she have to leave her money in the bank in order to reach her goal of $4,000? First, using the formula for simple interest, fill in all of the numbers you know. P = 55,000 1 = 4000 r = 1.5% or 0.015 Substitute in the formula: I = Pr t 4000 = 55,000 (0.015) t 4000 = 825 t To solve for t divide both sides by 4000: The answer is 0.21. Mrs. Smith will have to leave her money in the bank for almost 0.21 years

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