Answer:
$4,592.59
Explanation:
The formula for simple interest is
I = Prt
where I is the interest earned if you deposit an amount P at a rate of r per year for t years. r is interest rate in % divided by 100 to convert to decimal
Given
I = $744
r = 5.4% = 5.4/100 = 0.054 per year
t = 3 years
we can plug in these values into the equation to get
744 = P x 0.054 x 3
744 = 0.162P
Dividing by 0.162 on both sides gives
744/0.162 = P
or
P = 744/0.162 = $4,592.59