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Jack earned $972 in 6 years on an investment at a 3% annual simple interest rate. How much was Jack’s investment? $174.96 $486 $1944 $5400 show your work
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Jack earned $972 in 6 years on an investment at a 3% annual simple interest rate. How much was Jack’s investment?

$174.96

$486

$1944

$5400
show your work

User AmerllicA
by
7.0k points

2 Answers

3 votes

The answer is $174.96


User Leatrice
by
7.8k points
3 votes
5400.

I = Prt
972 = P(0.03)(6)
972 = P(0.18)

P = 972/(0.18)

P = 5400
User Hvtilborg
by
7.8k points
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