Question

Troy Aikman earned $110 in simple interest in 9 months at an annual interest rate of 8%. What was the amount of money he invested?

Answer 1

Explanation:

9 months is 9/12 of a year = .75 year

Deposit * decimal interest rate * years = $110

D * .08 * .75 = 110

D = 110/(.08 *.75) = $1833.33