Question

Colby deposited money into a savings account that pays a simple annual interest of 1.8%. He earned $334.80 in interest after 6 years. How much did he deposit?

Answer 1

3100.00

Explanation:

Answer 2

Colby deposited money into a savings account is $ 3100 .

Explanation:

Formula

`Simple\ interest = (Principle* Rate* Time)/(100)`

Let us assume that the amount deposit in the saving account be x .

As given

Colby deposited money into a savings account that pays a simple annual interest of 1.8%.

Colby earned $334.80 in interest after 6 years.

Simple interest = $334.80

Time = 6 years

Rate = 1.8%

Put all the values in the formula

`334.80 = (x* 1.8* 6)/(100)`

`x = (334.80* 100)/(1.8* 6)`

`x = (33480)/(10.8)`

x = $ 3100

Therefore Colby deposited money into a savings account is $ 3100 .