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Rzqust [24]
3 years ago
6

In 9 years, Lance earned $3262.50 interest on a deposit made to an account that earned 2.7% simple interest per year: How much w

as Lance's original deposit? PLEASE HELP!!!!!!! Thank you.
Mathematics
2 answers:
LenaWriter [7]3 years ago
4 0

Answer:

$4055.28

Step-by-step explanation:

Your formula is A=P(1+rt)

P is the amount of money Lance puts in = 3262.50

R is the interest rate in a decimal = .027

T is the time in years = 9

A=3262.50(1+.027x9)

Use a calculator

A=4055.28

My name is Ann [436]3 years ago
4 0

Answer:

$ 13,425.92

Step-by-step explanation:

Lance made a deposit and after nine years he earns $3262.50 of interest.

The amount of the deposit he made is unknown so we will call it <em>x</em>, and that is what the problem is asking.

To know how much interest we earn we have to multiply the percent of interest times the money we have:

We know that <em>2.7% = 0.027</em>; this is the interest per year. But we want to know for 9 years so we have to multiply the interest times 9.

<em>(0.027*9)</em>

After this, we have to multiply that times the money Lance has in the bank, and that will be equal to the interest earned:

0.027*9*x = $3,262.50

Now we have to solve for <em>x</em>

<em>0.243*x = $3,262.50</em>

<em>x = $3,262.50/0.243</em>

x= $13,425.92

Lance's original deposit was $13,425.92

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