Question

Tony’s deposit earned $40.80 in simple over 3 years in an account with an interest rate of 1.7%. How much did Tony deposit?

Answer 1

Answer:

Tyy

Step-by-step explanation:

Hiptgio6645

Answer 2

Answer:

Tony's deposit was $800.

Step-by-step explanation:

we know that

The simple interest formula is equal to

$I=P(rt)$

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

$t=3\ years\\ I=\ 40.80\\r=1.7\%=1.7/100=0.017$

substitute in the formula above

$40.80=P(0.017*3)$

$P=40.80/(0.017*3)$

$P=\ 800$