Question

A savings account earns simple interest at a rate of 6% per year. Last year the account earned $10.86 in interest. What was the balance in the account at the beginning of last year?

Answer 1

Answer:

The balance in the account at the beginning of last year was $181.

Step-by-step explanation:

Consider the provided information.

A savings account earns simple interest at a rate of 6% per year.

6% can be written as: 6/100=0.06

Last year the account earned $10.86 in interest.

Let the amount invested is represented by x.

$0.06\times x=10.86$

$x=\frac{10.86}{0.06}$

$x=\frac{1086}{6}$

$x=181$

Hence, the balance in the account at the beginning of last year was $181.

Answer 2

In this case, you have to find out the number whose 6% is 10.86.

So, Let the number be x.

   x * 6/100 = 10.86

   x * 6 = 1086

   x = 181.

So, the account balance at the beginning of last year was $181.

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