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Determine the deposit that must be made to earn $49.27 in 325 days at 6%

User Brad Jones
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1 Answer

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if we assume, this is simple interest at 6%, since you never specified above

then we can say that
\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &49.27\\ P=\textit{original amount deposited}\\ r=rate\to 6\%\to (6)/(100)\to &0.06\\ t=years\to &(325)/(365) \end{cases}

notice, "t" is in years, so 325 needs to be converted to years by dividing it by 365

solve for "P", or the Principal amount
User Zappee
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