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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?
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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
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OpenStudy (adamk):
You got it right. It's 5000
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