Kristin deposited some money into her bank account at a yearly interest rate of 6%. If she earned $2,700 in interest over 6 years, how much was her original deposit? (I =prt)
What are you solving for?
How much did she originally deposit?
Answers
Answered by
23
Answer:
- Her original deposit was $7500.
Step-by-step explanation:
Given that:
- Kristin deposited some money into her bank account at a yearly interest rate of 6%.
- She earned $2,700 in interest over 6 years.
To Find:
- How much did she originally deposit?
Given Formula:
- I = prt
Where,
- I = Interest = $2,700
- p = Original deposit
- r = Rate = 6% = 0.06
- t = Time = 6 years
Finding her original deposit:
⇒ 2700 = p × 0.06 × 6
⇒ 2700 = 0.36p
⇒ p = 2700/0.36
⇒ p = 7500
∴ Her original deposit = $7500
Answered by
1
Answers
Her original deposit was $7500
Given that:
Kristin deposited some money into her bank account at a yearly interest rate of 6%.
She earned $2,700 in interest over 6 years.
To Find:
How much did she originally deposit?
Given Formula:
I = prt
Where,
I = Interest = $2,700
p = Original deposit
r = Rate = 6% = 0.06
t = Time = 6 years
Finding her original deposit:
⇒ 2700 = p × 0.06 × 6
⇒ 2700 = 0.36p
⇒ p = 2700/0.36
⇒ p = 7500
∴ Her original deposit = $7500
Step-by-step explanation:
Similar questions