Colby deposited money into a savings account that pays a simple annual interest of 1.8%. He earned $334.80 in interest after 6 y
ears. How much did he deposit?
2 answers:
Answer:
Colby deposited money into a savings account is $ 3100 .
Step-by-step explanation:
Formula
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
x = $ 3100
Therefore Colby deposited money into a savings account is $ 3100 .
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