Question

Colby deposited money into a savings account that pays a simple annual interest of 1.8%. He earned $334.80 in interest after 6 years. How much did he deposit?

Answer 1

Answer:

3100.00

Step-by-step explanation:

Answer 2

Answer:

Colby deposited money into a savings account is $ 3100 .

Step-by-step explanation:

Formula

$Simple\ interest = \frac{Principle\times Rate\times Time}{100}$

Let us assume that the amount deposit in the saving account be x .

As given

Colby deposited money into a savings account that pays a simple annual interest of 1.8%.

Colby earned $334.80 in interest after 6 years.

Simple interest = $334.80

Time = 6 years

Rate = 1.8%

Put all the values in the formula

$334.80 = \frac{x\times 1.8\times 6}{100}$

$x = \frac{334.80\times 100}{1.8\times 6}$

$x = \frac{33480}{10.8}$

x = $ 3100

Therefore Colby deposited money into a savings account is $ 3100 .