SOLUTION: Dave earns $228 interest over a 3 year period with a 9.5% interest rate. How much did he deposit in principal?
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Question 1111678: Dave earns $228 interest over a 3 year period with a 9.5% interest rate. How much did he deposit in principal?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Simple or compound interest? How often does it compound?
Simple:
x(0.095.3) = 228
0.285x = 228
x = 800
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email me if what you're looking for is compound interest, and state how often it compounds.
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