SOLUTION: Hello, I need help with a simple interest financial question. Alex deposits a sum of money in an account that earns simple interest for a period of 3 years at an annual interest

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Question 1085024: Hello, I need help with a simple interest financial question.
Alex deposits a sum of money in an account that earns simple interest for a period of 3 years at an annual interest rate of 6%. If alex earns $85 interest in this time, what must have been the principle that he invested?
Is the formula I=prt?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
yes
+I+=+85+
+r+=+.06+
+t+=+3+
+I+=+P%2Ar%2At+
+85+=+P%2A.06%2A3+
+85+=+.18P+
+P+=+472.22+
The principal was $472.22