SOLUTION: Hello- trying to figure out 2 things. 1. Are they asking for the amount that had to be deposited so that in 3 years the account has 100 dollars in it, OR Are they asking how m

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Hello- trying to figure out 2 things. 1. Are they asking for the amount that had to be deposited so that in 3 years the account has 100 dollars in it, OR Are they asking how m      Log On


   

Question 1065938: Hello- trying to figure out 2 things.
1. Are they asking for the amount that had to be deposited so that in 3 years the account has 100 dollars in it,
OR
Are they asking how much deposited so that 100 was earned?
Either way, I come up with wacky numbers using I=PRT.
Any help would be greatly appreciated.
Question:
how much money must you deposit in a savings account that pays 3% simple interest rate to earn $100 in 3 years?
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
how much money must you deposit in a savings account that pays 3% simple interest rate to earn $100 in 3 years?
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Earn $100 means that's the interest.
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I = P*r*t
100 = P*0.03*3
P = 100/0.09
P = $1111.11
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You deposit that amount, and in 3 years you have $1211.11
Big whoop.