SOLUTION: Using the formula B=P+Prt Suppose an account earns 5.5% interest and after two years the balance is $3330. Find the principal that was invested. So far I have 3,330= P+P(.55)(

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Question 777433: Using the formula B=P+Prt
Suppose an account earns 5.5% interest and after two years the balance is $3330. Find the principal that was invested.
So far I have 3,330= P+P(.55)(2) but I can't figure out what i'm doing wrong and my book isn't helping :/
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
So far I have 3,330= P+P(.55)(2)
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3,330 = P(1+1.10)
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3330 =P(2.1)
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P = 3330/2.1
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P = $1585.71
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Cheers,
Stan H.
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