SOLUTION: paul put some money in a bank that paid 5% interest.Three years later, his account had $2760.How much money did he originally put in the account.

SOLUTION: paul put some money in a bank that paid 5% interest.Three years later, his account had $2760.How much money did he originally put in the account.

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Question 427163: paul put some money in a bank that paid 5% interest.Three years later, his account had $2760.How much money did he originally put in the account.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
simple interest
2760/1.15=2400
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compounded
2760=P(1.05)^3
P=2760/1.1576
P=2384.24
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