SOLUTION: After 4 years, Mike's account earned $1500 in interest. If the interest rate (in decimal form) is 0.05, how much did Mike initially invest? Step 3 of 3 : Solve the problem by su

Question 1049003: After 4 years, Mike's account earned $1500 in interest. If the interest rate (in decimal form) is 0.05, how much did Mike initially invest?
Step 3 of 3 : Solve the problem by substituting in the appropriate value(s) of the known variable(s) in the formula you found in the previous step. Round your answer to two decimal places, if necessary.
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
1500/.05=30000
Mike initially invested $30000.
$30000 x .05=$1500. ☺☺☺☺
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