Question

In 5 years, a bank account with a 4.5% annual interest rate earned $3,375 as simple interest. What was the principal amount of the account?

Answer 1

270

Explanation:

Answer 2

What was the principal amount of the account?

Capital____15000

Interest____3375

Final Value_18375

Explanation:

Cf = final value

Ci = initial value

i = Interest rate

n = period

I = C·i·t

Interest 3375

Interest 4,50%

n 5

Simple interest

3375=CI*4,5%*2

CI=15000

Capital____15000

Interest____3375

Final Value_18375