Question

Camille invested money into an account that earned annual simple interest with a rate of 6.5%. She made no additional deposits or withdrawals, and after 9 years she had earned $1,755 in interest. What was the amount of Camille's initial investment ?

Answer 1

Answer:

$30341.88

Step-by-step explanation:

Because it says simple interest, use the formula I = Prt.

(I is interest, r is the % rate as a decimal, t is the time)

So, you have to solve the equation,

1755 = P (0.065)(9)

Since 0.065 x 9 = 0.585, the equation can be simplified to

1755 = 0.585P

Then, to get P, you divide both sides by 0.585

P = 1755/0.585 = $30341.88