3 years ago

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?

Mathematics

2 answers:

const2013 [10]3 years ago

6 0

Answer:

Tyy

Step-by-step explanation:

Hiptgio6645

Vsevolod [243]3 years ago

4 0

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

$40.80=P(0.017*3)$

$P=40.80/(0.017*3)$

$P=\$800$

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