SOLUTION: Richard received a bank statement of $1260 for two years simple interest earning. If the bank pays him 4.8% p.a., how much money did he have in the bank book?

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Question 898104: Richard received a bank statement of $1260 for two years simple interest earning. If the bank pays him 4.8% p.a., how much money did he have in the bank book?
Found 2 solutions by josgarithmetic, MathTherapy:
Answer by josgarithmetic(39623) About Me  (Show Source):
You can put this solution on YOUR website!
p = what he had originally in account.
p%2A1.048%2A1.048=1260
p=1260%2F%281.048%29%5E2
highlight%28p=1147.22%29

Answer by MathTherapy(10555) About Me  (Show Source):
You can put this solution on YOUR website!

Richard received a bank statement of $1260 for two years simple interest earning. If the bank pays him 4.8% p.a., how much money did he have in the bank book?


Initially, he had: $highlight_green%281149.64%29

You can do the check!! 



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