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At the end of the first year an account earning 3% interest earns $126 in interest. How much money was deposited in the account at the start
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At the end of the first year an account earning 3% interest earns $126 in interest. How much money was deposited in the account at the start
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Question 15596: Can you help me with this question?
At the end of the first year an account earning 3% interest earns $126 in interest. How much money was deposited in the account at the start of the year? Answer by pwac(253) (Show Source):
You can put this solution on YOUR website! Let x= money at start of year
In the year the money has has increased to(100%+3%)of x
That is 103% of$x which is the same as saying 1.03 times x
So 1.03x=$126 Divide $126 by 1.03 which gives
x=$122.33
Pete
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