SOLUTION: Hello- trying to figure out 2 things. 1. Are they asking for the amount that had to be deposited so that in 3 years the account has 100 dollars in it, OR Are they asking how m

Question 1065938: Hello- trying to figure out 2 things.
1. Are they asking for the amount that had to be deposited so that in 3 years the account has 100 dollars in it,
OR
Are they asking how much deposited so that 100 was earned?
Either way, I come up with wacky numbers using I=PRT.
Any help would be greatly appreciated.
Question:
how much money must you deposit in a savings account that pays 3% simple interest rate to earn $100 in 3 years?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
how much money must you deposit in a savings account that pays 3% simple interest rate to earn $100 in 3 years?
----------
Earn $100 means that's the interest.
---
I = P*r*t
100 = P*0.03*3
P = 100/0.09
P = $1111.11
---------
You deposit that amount, and in 3 years you have $1211.11
Big whoop.
RELATED QUESTIONS
Here are the noon temperatures (in degrees Celsius) in a particular Canadian city on... (answered by Theo)

Hello! Thank you to anyone who may be taking time out of their day to read this. I am... (answered by math_helper)

Hello, I would like someone to check if I did this correctly please! Given: Bank A is... (answered by richwmiller)

Hello, I am having trouble trying to figure out how to solve an equation. I just started (answered by josmiceli)

My problem is a reading problem, it is as stated: There is a strange store that sells 2... (answered by ptaylor)

How much money should be deposited today in an account that earns 3% compounded... (answered by MathTherapy)

How much money should be deposited today in an account that earns 6% compounded monthly... (answered by ewatrrr)

Hey guys, I'm having a bit of trouble finding out a few things about the graph of y =... (answered by ccs2011)