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ankoles [38]
1 year ago
13

Timothy has a savings account that he started five years ago to begin saving for college. The

Mathematics
2 answers:
lions [1.4K]1 year ago
8 0
  • I=PRT/100
  • P=100I/RT
  • P=100(225)/5(3)
  • P=22500/15
  • P=$1500
torisob [31]1 year ago
4 0

Answer:

A. $1500.00

Step-by-step explanation:

Assuming this is a simple interest savings account.

<u>Simple interest formula</u>

I = Prt

where:

  • I = total interest
  • P = principal amount
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • I = $225
  • r = 3% = 0.03
  • t = 5 years

Substitute the given values into the formula and solve for P:

⇒ I = Prt

⇒ 225 = P(0.03 ×5)

⇒ 225 = P(0.15)

⇒ P = 225 ÷ 0.15

⇒ P = 1500

Therefore, Timothy started the account with $1500.00.

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