A few days ago
math help please?
sharon invested money in a savings account at a rare rate of 6% simple interest.After 1 yr, she gas $3996 in the account. how much did sharon originally invest?
please explain, thank you
Top 2 Answers
A few days ago
Favorite Answer
The formula you use is P(t) = Po * (1+r)^t. P(t) is the amount of money at a given time, on the future time, Po is the original amount you put in the bank, r is the rate and t is time.
They say that after one year she had 3996 so this is P(t). You know t is 1 year and rate is (6/100) because you need to get it in decimal form. Plug everything in and you get 3567.86 dollars.
Just memorize the equation because you’ll always be given the values and if you don’t know where to plug them then you will end up missing an easy point on the test or quiz.
Hope this helped.
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A few days ago
the formula i would use is 1.06x becuase your multiplying the value you don’t know (x, the original investment) by 1.06 to get 3996 so the answer would be 3996/1.06 or 3769.81
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