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Olin [163]
3 years ago
14

Here is a Math Question. Joey made a deposit into an account that earns 6% simple interest. After 3 years, Joey has earned $400.

How much was Joey's initial deposit?
Mathematics
2 answers:
Kitty [74]3 years ago
5 0

Answer:

His initial deposit is $2222.2

Step-by-step explanation:

To find the amount deposited, we will simply use the formula for calculating simple interest.

Simple Interest = \frac{P X R XT}{100}

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 = \frac{P X R XT}{100}

$400  = P × 6 × 3   /     100

$400 = \frac{18 P}{100}

We will then cross multiply

$40 000  =   18 P

To get  the value of P, we divide both-side of the equation by 18

\frac{40 000}{18}   =   \frac{18 P}{18}

$2222.22 =  P

P = $2222.22

Joey's initial deposit is $2222.22

Sliva [168]3 years ago
4 0
Joey originally put in $384.
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