SOLUTION: Can you help me with this question? At the end of the first year an account earning 3% interest earns $126 in interest. How much money was deposited in the account at the start

Question 15596: Can you help me with this question?
At the end of the first year an account earning 3% interest earns $126 in interest. How much money was deposited in the account at the start of the year?
Answer by pwac(253) (Show Source): You can put this solution on YOUR website!
Let x= money at start of year
In the year the money has has increased to(100%+3%)of x
That is 103% of$x which is the same as saying 1.03 times x
So 1.03x=$126 Divide $126 by 1.03 which gives
x=$122.33
Pete
RELATED QUESTIONS
Please, help me with: Alexis put $400 in an account that earns 2% simple interest. At the (answered by macston)

How much money will there be in an account at the end of 4 years if $6000 is deposited at (answered by rfer)

Please help me with this question: You deposit $1,000 in an account offering an 8%... (answered by checkley71)

You deposit $1000 at the end of each year into an account earning 4% interest compounded... (answered by ikleyn)

$2000 more is invested in an account earning 12% simple interest than in an account... (answered by ewatrrr,MathTherapy)

1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)

Can someone help me with this problem? If $7,800 is deposited into an account paying (answered by psbhowmick)

Hi can you help me with this math problem? 8.) Solve the problem An initial... (answered by checkley77)

$1500 is deposited in an account earning 4.5% annual interest. If the money earns simple... (answered by ankor@dixie-net.com)