Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual

Question

3 years ago

7

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual

simple interest rate of 7%. After 11 years, the interest earned on the account was $4,620. How much money did Mike's grandmother deposit in the account?
$6,000
$6,500
$7,000
$5,000

Mathematics

1 answer:

fenix001 [56] · Answer 1 · 2022-07-27T07:24:03+03:00

fenix001 [56]3 years ago

3 0

P=4620/(0.07*11)
P==6,000