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Your mom opens an account to save money for a family vacation. The account earns an annual interest rate of 4%. She earns $37 in simple interest after 6 months. How much money did she put in the account
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Your mom opens an account to save money for a family vacation. The account earns an annual interest rate of 4%. She earns $37 in simple interest after 6 months. How much money did she put in the account when she opened it? Use the formula: I = Prt.

User Love Hasija
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2 Answers

3 votes
The formula would be I=(37)(.04)(6) which would give you $8.88
User Pdriegen
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6 votes
$1,850. The correct answer to this problem would be $1,850.

User Markus Buhl
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8.5k points
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