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You opened your first savings account 3 months ago. So far, you have earned $9.90 in simple interest, at an annual interest rate of 6%. How much money did you put in the account…

You opened your first savings account 3 months ago. So far, you have earned $9.90 in simple interest, at an annual interest rate of 6%. How much money did you put in the account…
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5 votes
You opened your first savings account 3 months ago. So far, you have earned $9.90 in simple interest, at an annual interest rate of 6%. How much money did you put in the account when you opened it? Use the formula: I = Prt.

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User Pmf
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8.6k points

1 Answer

1 vote
I=prt
9.90=p (.06)(3)
9.90=p(.18)
9.90/.18=p.18/.18
55=p

I put in $55 into the account when I opened it.
answered
User Umar
by
8.2k points
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