SOLUTION: I am so confused on this question.
Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. At the end of 5 years, Samuel earns $2625.00 in interest
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Question 676204: I am so confused on this question.
Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. At the end of 5 years, Samuel earns $2625.00 in interest. How much money had he deposited in the account?
Found 2 solutions by jim_thompson5910, josmiceli:
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
I = Prt
2625 = x*0.035*5
2625 = x*0.175
2625/0.175 = x
15000 = x
x = 15000
So he deposited $15,000 into the account.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the amount he deposited in the account
His annual interest is 3.5%, so in 1 year
he makes in interest
In 5 years he will make
given:
He deposited $15,000 5 years ago
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