SOLUTION: Kevin invested money in a savings account at a rate of 5% simple interest. After one year, he has $4347.00 in the account. How much did kevin originally invest. Please show the

Question 293507: Kevin invested money in a savings account at a rate of 5% simple interest.
After one year, he has $4347.00 in the account. How much did kevin originally invest.
Please show the 5-step problem solving process and show all steps necessary to arrive at the solution.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Kevin invested money in a savings account at a rate of 5% simple interest.
After one year, he has $4347.00 in the account. How much did kevin originally invest.
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Simple Interest: A(t) = P(1+rt)
4347 = P(1+0.05*1)
4347 = P(1.05)
Principal = 4347/1.05 = $4140.00
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Cheers,
Stan H.
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