SOLUTION: I am so confused on this question. Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. At the end of 5 years, Samuel earns $2625.00 in interest

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Question 676204: I am so confused on this question.
Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. At the end of 5 years, Samuel earns $2625.00 in interest. How much money had he deposited in the account?
Found 2 solutions by jim_thompson5910, josmiceli:
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
I = Prt

2625 = x*0.035*5

2625 = x*0.175

2625/0.175 = x

15000 = x

x = 15000

So he deposited $15,000 into the account.

Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Let A = the amount he deposited in the account
His annual interest is 3.5%, so in 1 year
he makes +.035A+ in interest
In 5 years he will make +5%2A.035%2AA+=+.175A+
given:
+.175A+=+2625+
+A+=+2625+%2F+.175+
+A+=+15000+
He deposited $15,000 5 years ago