Question

Ji-Yoon deposited some money into a savings account that pays 3% annual simple interest. At the end of 5 years, she earned $472.50 in interest. How much money did she put in the account initially? ROund to the nearest dollars. Please Help me :3

Answer 1

She put $3150

Explanation:

`I = (prt)/(100)`

I = $472.50

p = principal

r = 3%

t = 5

472.50 = (p×3×5)/100

15p = 47250

p = $3150

(Correct me if i am wrong)