SOLUTION: Kevin invested money in a savings account at a rate of 5% simple interest. After one year, he has $4347.00 in the account. How much did Kevin originally invest?
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Question 308251: Kevin invested money in a savings account at a rate of 5% simple interest. After one year, he has $4347.00 in the account. How much did Kevin originally invest?
Include all steps necessary to get your answer.
I don't under stand the simple interest formula?!?! Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Kevin invested money in a savings account at a rate of 5% simple interest. After one year, he has $4347.00 in the account. How much did Kevin originally invest?
Include all steps necessary to get your answer.
if he invests 100 he has 105 at the end of the year
he has $4347 after 1 year
4347 *100 / 105
= $4140
He originally invested $ 4140
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