Question

Maria deposited some money in to an account, and had an annual simple interest rate of 5%. If she left the money in the account for 9 months and earned $18.75 in interest, how much money did she originally deposit into the account?

Answer 1

$18.71

Explanation:

18.75 = P x .05 x .75

18.75 = P x .0375

18.75 - .0375 = P

$18.71 = P