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Peter made a deposit into an account that earns 6% simple interest.Peter earned $500 after four years.How much was his initial deposit?

User Persis
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1 Answer

4 votes

Answer:

$120

Explanation:

Formula of simple interest: I = P x R x T / 100

P (investment) = $500

R (rate) = 6%

T (time) = 4 years

500 x 6 x 4 = 12000 / 100

I = $120

User Harassed Dad
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