document.write( "Question 1147001: what sum of money invested for 5 years at a 12 percent per annum gives an interest of $264 \n" ); document.write( "

Algebra.Com's Answer #768286 by ikleyn(52910) $\"\"$ $\"About$

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document.write( "Since the problem is silent about the type of the account (simple or compound interest), I can assume, by default, \r\n" );
document.write( "that it is simple interest.\r\n" );
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document.write( "Then the formula for the interest is \r\n" );
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document.write( "    I = A*r*t\r\n" );
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document.write( "where I is the interest for \"t\" years, \"r\" is the annual rate and A is the initial amount at the account (the initial deposit).\r\n" );
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document.write( "Thus we have an equation\r\n" );
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document.write( "    264 = A*0.12*5.\r\n" );
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document.write( "From this equation find A, which will be your answer.\r\n" );
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