Question

Hank deposits money in an account that pays

1.5% simple annual interest. He earns $50.25
interest in the first year. How much money did
he deposit?

Answer 1

principal = $3350

Explanation:

principal = interest / (rate x time)

principal = 50.25 / (0.015 x 1)

principal = 50.25 / 0.015

principal = 3350