SOLUTION: Hi, Please help: The party Bank pays four percent simple interet per year on deposits. Connor was paid $1,104 of interest over a four year period. How much did he

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Question 61539: Hi,
Please help:
The party Bank pays four percent simple interet per year on deposits.
Connor was paid $1,104 of interest over a four year period. How much did
he originally deposit. Thanks for your help.
Answer by tutorcecilia(2152) About Me  (Show Source):
You can put this solution on YOUR website!
The party Bank pays four percent simple interet per year on deposits.
Connor was paid $1,104 of interest over a four year period. How much did
he originally deposit. Thanks for your help
I=Prt [use the formula for simple interest]
$1,104=(p)(.04)(4)
1104=P.16
$6,900=P
.
check by plugging all of the values back into the original equation:
I=Prt
$1104=($6,900(.04)(4)
$1104=$1104 [checks out]