Tom started a savings account that earned $168 an interest in eight years with an annual rate of 7% simple interest what was the
original amount in the account
2 answers:
Answer:
Step-by-step explanation:
I = PTR/100
Given from the question:
I = $168
R = 7%
T = 8
P = ?
Substituting into the formula , we have
168 = P X 8 X 7 / 100
168 X 100 = 56P
16800 = 56P
Therefore
P = 16800/5
P = 300
Therefore the original amount in the account is $ 300
Answer:$300
Step-by-step explanation:
S.I=P×R×T/100
S.I =Simple interest
P=principal amount
R=Rate
T=Time
100×S.I/R×T=P
100×168/7×8
=16800/56=$300
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