After 6 years an account that earns 5% simple intrest has earned $480 in intrest. How much is the initial deposit?

asked Sep 17, 2020 203k views

2 votes

after 6 years an account that earns 5% simple intrest has earned $480 in intrest. How much is the initial deposit?

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3 votes

plug in your values into

I = PRT

480 = P(.04)(6)

solve for P

check your answer by finding the interest.

ThePCWizard answered Sep 22, 2020

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