Answer:
Thad deposited an amount of $11,241.58 about 27 years ago,
Step-by-step explanation:
<u>About Duane:</u>
The amount deposited by Duane = $15,000
Time interval = 27 years
Rate = 5.2%
Now, SIMPLE INTEREST =
So, the SI on 15,000 after 27 years = $21,060
Now, AMOUNT = PRINCIPAL + SI
= 15,000 + 21,060 = $36,060
Hence, after 27 years, Duane's amount is equivalent to $36,060
<u>Now, About Thad:</u>
Let us assume amount deposited = P
Rate = 6.2%
Time = 27 y
Now,
So, the SI on 15,000 after 27 years = $1.674 P
Now, AMOUNT = PRINCIPAL + SI
$36,060 = P + 1.674 P
or, 2.624 P = $36,060
⇒ P = 30,060/2.624 = 11,241.58
Hence, Thad deposited an amount of $11,241.58 about 27 years ago,