Answer:
Step-by-step explanation:
To find the amount deposited, we will simply use the formula for calculating simple interest.
Simple Interest = pxrxt/100 (fraction)
Where p = principal
R= Rate
T= Time
Principal is the initial amount deposited which we are ask to find.
R is given to be 6% and T is the time which is given in years
Simple interest is the interest earned over the year which is given to be $400
Lets substitute our variable into the equation
Simple Interest = pxrxt/100 (fraction)
$400 = P × 6 × 3 / 100
$400 = 18p/100 (fraction)
We will then cross multiply
$40 000 = 18 P
To get the value of P, we divide both-side of the equation by 18
4000/18 = 18p/18 (fractions)
$2222.22 = P
P = $2222.22
credits: ummuabdallah
