Question

ANSWER PLEASE QUICK ‼️

2. Lonzo opened a bank account that earns 1.2% simple interest each year. After 7 years, Lonzo will earn $126 in interest. How much did Lonzo deposit when he opened the account?​

Answer 1

$116.24

Step-by-step explanation:

the simple interest formula is A = P(1 + rt), where A is the final amount, P is the initial amount, r is the interest rate in decimal form, and t is the amount of time in years.

we can plug in the values from the problem and set up this equation:

126 = P(1 + 0.012(7))

simplify and isolate P to get:

`P=(126)/(1+0.012(7))`

now, we simplify further to get our answer:

P = 116.24

hope this helped, good luck!

Answer 2

Answer: 1500 dollars

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Work Shown:

i = P*r*t

126 = P*0.012*7

126 = P*0.084

P = 126/0.084

P = 1500 dollars

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Step-by-step explanation:

• i = interest
• P = deposit amount
• r = 0.012 is the decimal form of the 1.2% interest rate
• t = number of years

Make sure you use the decimal form of r, and not the percent form.