Question

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 6%. After 9 years, the interest earned on the account was $3,780. How much money did Mike's grandmother deposit in the account?

A. $7,500
B. $8,000
C. $7,000
D. $6,000

Answer 1

I= p r t 3780 = ? .06 time 9 3780 = ? .54 3780 divide by .54 Equal to 7,000 The answer is c