SOLUTION: Dave earns $228 interest over a 3 year period with a 9.5% interest rate. How much did he deposit in principal?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Dave earns $228 interest over a 3 year period with a 9.5% interest rate. How much did he deposit in principal?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1111678: Dave earns $228 interest over a 3 year period with a 9.5% interest rate. How much did he deposit in principal?
Answer by addingup(3677) About Me  (Show Source):
You can put this solution on YOUR website!
Simple or compound interest? How often does it compound?
Simple:
x(0.095.3) = 228
0.285x = 228
x = 800
--------------------
email me if what you're looking for is compound interest, and state how often it compounds.