SOLUTION: How much money was invested at 6% annual simple interest for 3years to earn $3870?
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Question 1133927: How much money was invested at 6% annual simple interest for 3years to earn $3870?
Answer by algebrahouse.com(1659) (Show Source): You can put this solution on YOUR website!
i = prt
i = interest
p = principal
r = rate
t = time
i = prt
3870 = p(0.06)(3) {3870 interest for 3 years at 6% interest, changed rate to decimal}
3870 = 0.18p {multiplied 0.06 by 3}
p = 21,500 {divided each side by 0.18}
$21,500 was invested
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