SOLUTION: An account earned $42 in interest for a deposit earning 3.5% simple interest for 270 days. What was the amount of the original deposit?
Algebra.Com
Question 1007912: An account earned $42 in interest for a deposit earning 3.5% simple interest for 270 days. What was the amount of the original deposit?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Using the formula for simple interest, I = prt, we solve for p and get
p = I/rt = 42/((.035)(.75)) = $1600
RELATED QUESTIONS
Choose the correct answer for the amount of interest earned in the following simple... (answered by jim_thompson5910)
Jan Moser made a deposit into a 5% annual simple interest account. She made another... (answered by addingup)
If Rita receives $40.04 interest for a deposit earning 5% simple interest for 30 days,... (answered by ikleyn)
A total of $20,000 is invested in two accounts earning simple interest. For one account,... (answered by checkley77)
Barneys money earned $204 in interest after 1 year. He invested some of is money in an... (answered by richwmiller)
The amount A of money on deposit for t years in an account earning simple interest is a (answered by stanbon)
Could you lay this problem out for me: A professional athlete deposited an amount of... (answered by Fombitz)
an investment adviser invested $14000 in two accounts. one investment earned 8% annual... (answered by checkley71)
A total of $7900 is deposited into two simple interest accounts. On one account the... (answered by stanbon)