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3 years ago

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joey made a deposit into an account that earns 6% simple interest.After three years, joey had earned $400. How much was joey's i

nitial deposit

2 answers:

Igoryamba3 years ago

4 0

Answer:

2222.22

Step-by-step explanation

Sergio [31]3 years ago

3 0

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

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fenix001 [56]

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