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Joey made an deposit into an account that earns 6% simple interest. after 3 years joey had earned 400$. how much was joey's initial deposit ?

Joey made an deposit into an account that earns 6% simple interest. after 3 years joey had earned 400$. how much was joey's initial deposit ?
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1 vote
joey made an deposit into an account that earns 6% simple interest. after 3 years joey had earned 400$. how much was joey's initial deposit ?

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User Heath
by
8.3k points

1 Answer

4 votes
I= prt
I=$400 (0.06) (3)
I= 72
The 6% was changed into a decimal (0.06)
So I multiplied 400 x 0.06 x 3
The 400 would be the principal amount the 6% would be the rate and the 3 would be the time
answered
User AkisC
by
8.2k points
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