SOLUTION: After 20 years, Sheila's account earned $600 in interest. If the interest rate (in decimal form) is 0.1, how much did Sheila initially invest?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: After 20 years, Sheila's account earned $600 in interest. If the interest rate (in decimal form) is 0.1, how much did Sheila initially invest?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1048203: After 20 years, Sheila's account earned $600 in interest. If the interest rate (in decimal form) is 0.1, how much did Sheila initially invest?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
I+=+P%2Ar%2At
$600 = P(.10/yr)(20yr)
%24600%2F%28.10%2A20%29 = $600/2 = $300 = P, how much Sheila initially invested