SOLUTION: Sharon invested money in a savings account at a rate of 6%simple interest. After 1 yr, she has $6996 in the account. How much did Sharon originally invest?

SOLUTION: Sharon invested money in a savings account at a rate of 6%simple interest. After 1 yr, she has $6996 in the account. How much did Sharon originally invest?

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Question 466906: Sharon invested money in a savings account at a rate of 6%simple interest. After 1 yr, she has $6996 in the account. How much did Sharon originally invest?
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
Let P be the principal amount.
Then the interest is given by 6996 - P.
Hence 6996 - P = P * r*t
==> 6996 - P = 0.06P
==> 6996 = 1.06P
==> P = 6600 $.
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