Question 61539
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]