Question

How much was deposited in the account if the amount in the

account after 6 years is $17.70 and the interest rate is 3%?
15

Answer 1

$98.33 was deposited in the account

Explanation:

simple interest formula = (PRT)/100 ...where p is money, r is rate, t is time

using formula $17.70 = (P * 3% * 6)/100

P = 1770/18

P = $98.33