SOLUTION: Please help. Sharon invested money in a savings account at a rate of 6% simple interest. After one year she has $6996 in the account. How much did Sharon originally invest?
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Question 27920: Please help. Sharon invested money in a savings account at a rate of 6% simple interest. After one year she has $6996 in the account. How much did Sharon originally invest?
Thanks so much.
Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
Let x = the amount originally invested. After one year, Sharon will have $x (the original amount) plus 6% of $x (the interest earned on the original amount in one year) and this will equal $6996.00: Change the 6% to its decimal eqivalent.(6% = 0.06) and write the equation.
Combine the x-terms.
Divide both sides of the equation by 1.06
Sharon originally invested $6600.00
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