Question

Sharon invested money in a savings account at a rate of 6% simple interest. After 1 year, she has $6,996 in the account. How much did Sharon originally invest?

Answer 1

Let x = the amount originally invested. After one year, Sharon will have $x (the original amount) plus 6% of $x (the interest earned on the original amount in one year) and this will equal $6996.00: Change the 6% to its decimal eqivalent.(6% = 0.06) and write the equation.

x+0.06x=6996

Combine the x-terms.

1.06x=6996

Divide both sides of the equation by 1.06

Sharon originally invested $6600.00

Answer 2

sorry bout that, and this is the method used right? so you just add both x's together?

Answer 3

yes

Answer 4

i know you solved it but ima try it myself so i know what i am doing thank you so much ;)

Answer 5

My Pleasure.