2 years ago

You deposit money into an

Mathematics

1 answer:

nadya68 [22]2 years ago

7 0

The amount of money you deposit into the account is $3000

<h3>How much money did you deposit into the account? </h3>

The given parameters are

Rate, r = 8%

Time, t = 5 years

Interest, I = $1200

The formula of simple interest is

I = PRT

So, we have

1200 = I * 8% * 5

This gives

1200 = I * 0.4

Divide both sides by 0.4

I = 3000

Hence, the amount of money you deposit into the account is $3000

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