SOLUTION: Money is invested in a savings account at 7% simple interest. After one year, there is $1284 in the account. How much was originally invested (the principal)? I know the answer is

SOLUTION: Money is invested in a savings account at 7% simple interest. After one year, there is $1284 in the account. How much was originally invested (the principal)? I know the answer is

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Question 339342: Money is invested in a savings account at 7% simple interest. After one year, there is $1284 in the account. How much was originally invested (the principal)? I know the answer is $1200. Please provide HOW we do this problem. Thanks.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
I=P*r*t
p=?
r=7%
t=1 year
..
Amount at end of 1 year = 107 when you invest 100
amount in account was $1284 so Principal will be
100*1284/107 = $1200
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