document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=676298>Question 676298</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Henry opened a savings account. Four years later, he had earned a total of $600 in simple interest. \r<BR>\n" );
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document.write( "If he made no additional deposits, and the annual interest rate was 5%, what was the initial principal? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #420274 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=420274\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Henry opened a savings account. Four years later, he had earned a total of $600 in simple interest. <BR>\n" );
document.write( "If he made no additional deposits, and the annual interest rate was 5%, what was the initial principal?<BR>\n" );
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document.write( "I = P*r*t<BR>\n" );
document.write( "600 = P*0.05*4<BR>\n" );
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document.write( "600 = P*(5/25)<BR>\n" );
document.write( "P = 600/0.2<BR>\n" );
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document.write( "P = $3000<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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