Question

NEED HELP PLEASE <3

Mary invested a certain amount of money in a savings account paying 3% interest every year. when she withdrew her money at the end of 3 years, she received 180 in interest. how much money did mary place in the savings account?

Answer 1

Simple interest? Compound interest?

Answer 2

simple

Answer 3

So, P * 0.03 * 3 = 180
=> P = 180/(3*0.03) = 180/0.09 = 18000/9 = 2000

Answer 4

i still don't understand

Answer 5

Well.....if she invested amount P and earned 3% (0.03 times that amount) per year for 3 years, her total interet amount will be P times 3% times 3. You are asked to find P where she earned $180 in total interest.

So, P * 0.03 * 3 = 180
=> P = 180/(3*0.03)
=> P = 180/0.09
=> P = 18000/9 = 2000

Answer 6

so she invested $2000

Answer 7

Yes.

Answer 8

thanks :)

Answer 9

A medal is the best way to say thanks rather than type that up. :)

Answer 10

:) kay