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Mathematics 13 Online
OpenStudy (rayman5766):

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?

OpenStudy (adamk):

I = prt

OpenStudy (adamk):

300 = 0.02(3)p

OpenStudy (rayman5766):

so its 300 I thought it was 5000

OpenStudy (adamk):

No you have to solve for p

OpenStudy (adamk):

300 = 0.06p

OpenStudy (adamk):

You got it right. It's 5000

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