Question

Pablo invested in a savings bond for 3 years and was paid simple interest at an annual rate of 4%. The total interest that he earned was

$48. How much did he invest?
If necessary, refer to the list of financial formulas.

Answer 1

400

Explanation:

=

1

We know that:

3 R=4% 1 = 48

T =3 R = 4% into formula 48 2 Substitute

1=Prt

48= Prt

Solve the equation:

3 × 0.04x= 48

3

X = 400

so Pablo invested 400$