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

I will Fan and medal if you help me.

Answer 2

$5000

Answer 3

\[$5000\times (0.02\times3) = $300\]

Answer 4

$5000 = amount deposited
0.02 = 2% interest
3 = 3 years

Answer 5

So what is the answer?

Answer 6

5000

Answer 7

2% of 5000 is 100 * 3 years = $300