Question

After 5 years, Marcel's account earned $900 in interest. If the interest rate (in decimal form) is 0.06, how much did Marcel initially invest?

Answer 1

$3000

Explanation:

I= PRT÷100

where,

I = interest = 900

T= 5

R/100 = 0.06

P = ?

I= PRT/100

900= P × 5 × 0.06

P = 900÷ 0.3

P= 3000