Question

Monica had a savings account that paid her an interest rate of 4%. After she had this account for 12 years, she had received $192 in interest. How much money had she put into the account at the beginning of the 12 years?

Answer 1

Money she put in her account = $400

Explanation:

As, to find the interest the formula is PTR/100 = I

Where P = Principcal

And T = time (in years)

And R = rate

And I = interest

So here p is not present we need to find it

R = 4%

And T = 12 years

And I = $192

= p x 4 x 12 /100 = 192

P x 4 x 12 = 19200

P x 48 = 19200

P = 19200/48

P = 400

So Principcal = $400