Question

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

Answer 1

Answer:

2222.22

Step-by-step explanation

Answer 2

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