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joey made an deposit into an account that earns 6% simple interest. after 3 years joey had earned 400$. how much was joey's initial deposit ?
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23 votes
23 votes
joey made an deposit into an account that earns 6% simple interest. after 3 years joey had earned 400$. how much was joey's initial deposit ?

User Martin Petercak
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1 Answer

18 votes
18 votes
I= prt
I=$400 (0.06) (3)
I= 72
The 6% was changed into a decimal (0.06)
So I multiplied 400 x 0.06 x 3
The 400 would be the principal amount the 6% would be the rate and the 3 would be the time
User Johannes P
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