Hank deposits money in an account that pays 1.5% simple annual interest. He earns $50.25 interest in the first year. How much money did he deposit?

Question

asked Jun 22, 2021 209k views

1 Answer

Heino Zunzer · Answer 1 · 2021-06-28T19:41:16+0000

Answer:

principal = $3350

Explanation:

principal = interest / (rate x time)

principal = 50.25 / (0.015 x 1)

principal = 50.25 / 0.015

principal = 3350