Question

if you put money into a savings account that earns $84.00 over seven years at a rte of 3%, how much money did you put into the account?

Answer 1

Explanation:

To solve this, we would use the formula for calculating simple interest which is:

Interest = PRT

Then, we will slot in the values given which will be:

84 = P × 3% × 7

84 = P × 0.03 × 7

84 = 0.21P

P = 84/0.21

P = $400

The Principal is $400