Question

Joe earned $300 on an amount deposited into his bank account for 3 years at a 2% annual simple interest rate.

How much did Joe deposit?

Answer 1

@TheSmartOne

Answer 2

Hmm.

Answer 3

Do you know the simple interest formula?

Answer 4

l=prt

Answer 5

i=interest p=principal r=rate t =time

Answer 6

@TheSmartOne

Answer 7

So what is
t=?
p is what we are finding
i=?
r=?

They gave us i, r, and t in the question.

Answer 8

i=interest p=principal r=rate t =time

Answer 9

@TheSmartOne

Answer 10

Yes but what are the numbers?

Answer 11

lol

Answer 12

t=3 years r=2% i =$300

Answer 13

@t

Answer 14

lol

Now do you know that r has to be in decimal?
So what is 2% in decimal?

Answer 15

0.02

Answer 16

Correct so now back to the main equation. We just plug everything back in to it and slve for P :)

Answer 17

i still dont get it

Answer 18

\(\color{blue}{\text{Originally Posted by}}\) @morganlauren11
l=prt
\(\color{blue}{\text{End of Quote}}\)

\(\color{blue}{\text{Originally Posted by}}\) @morganlauren11
t=3 years r=2% i =$300
\(\color{blue}{\text{End of Quote}}\)

And just changing r= .02

Solve for P now after you substitute all the numbers :)

Answer 19

$300=p0.023 i have this but how do i find p

Answer 20

@TheSmartOne

Answer 21

So we have

\[300= p \times .02 \times 3\]

Answer 22

.02 x 3 =.06

Answer 23

Ok correct!

Now we will get

\[300=.06p \]

Answer 24

wouldnt it then be 300 divided by .06

Answer 25

@TheSmartOne

Answer 26

Yes exactly!
So what is \[\frac{ 300}{ .06 }=? \]

Answer 27

0.0002

Answer 28

Are you sure?

Answer 29

either that or 5000

Answer 30

sorry its 2am and im trying to finish school so i can go to sleep

Answer 31

lol 5000 is correct!

Answer 32

https://www.google.com/webhp?sourceid=chrome-instant&rlz=1C1GGGE_enUS424US424&ion=1&espv=2&ie=UTF-8#q=300%2F.06

Answer 33

oh great thank you:)

Answer 34

Np :)