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Angelina_Jolie [31]
3 years ago
11

Patel made a deposit into an account that earns 5%simple interest. After 10 years Patel had earned $1500 in interest. How much w

as Patel’s initial deposit?
Mathematics
1 answer:
Delicious77 [7]3 years ago
7 0
\bf ~~~~~~ \textit{Simple Interest Earned}\\\\
I = Prt\qquad 
\begin{cases}
I=\textit{interest earned}\to &\$1500\\
P=\textit{original amount deposited}\\
r=rate\to 5\%\to \frac{5}{100}\to &0.05\\
t=years\to &10
\end{cases}
\\\\\\
1500=P(0.05)(10)\implies \cfrac{1500}{(0.05)(10)}=P
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