SOLUTION: Dollar Bill invested money in an account earning 4% simple interest. At the end of 5 years, he had a total of $14,400. How much did he originally invest?
I know this is I=PR
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Question 998800: Dollar Bill invested money in an account earning 4% simple interest. At the end of 5 years, he had a total of $14,400. How much did he originally invest?
I know this is I=PRT, but I always struggle with it. A step by step process would be much appreciated.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Amount = Principal + interest
let x be the principal
14400 =x + (4% of x*5)
multiply by 100
1440000=100x+20x
120x = 1440000
x= 12000
He invested $12,000
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