Question

You opened your first savings account 3 months ago. So far, you have earned $9.90 in simple interest, at an annual interest rate of 6%. How much money did you put in the account when you opened it? Use the formula: I = Prt.

Answer 1

I=prt
9.90=p (.06)(3)
9.90=p(.18)
9.90/.18=p.18/.18
55=p

I put in $55 into the account when I opened it.