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Mike has a "high-interest" savings account that pays 5.3 percent (a simple interest account). If he earned $655 in interest after six years, how much did he invest int…

Mike has a "high-interest" savings account that pays 5.3 percent (a simple interest account). If he earned $655 in interest after six years, how much did he invest int…
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Mike has a "high-interest" savings account that pays 5.3 percent (a simple interest account). If he earned $655 in interest after six years, how much did he invest into this account?

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User Sadraque Santos
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8.0k points

1 Answer

4 votes
P=i/rt
P=655÷(0.053×6)
P=2,059.75
answered
User Sihil
by
7.3k points
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