222k views
0 votes
Simon opened a certificate of deposit with the money from his bonus check. The bank offered 4.5% interest for 3 years of deposit. Simon caculated that he would earn $87.75 interest in that time. How much did Simon deposit to open the account?

User Wvd
by
8.7k points

1 Answer

5 votes

Answer:

$650

Explanation:

The for simple interest is

I = Prt Divide each side by rt

P = I/(rt)

= 87.75/(0.045 × 3)

= $650

Simon deposited $650 to open the account.

User Predactor
by
7.8k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories