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27 April, 11:36

Jack earned $972 in 6 years on an investment at a 3% annual simple interest rate. how much was jacks investment?

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  1. 27 April, 12:13
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    I = prt; where I = 972, r = 3% = 3/100 = 0.03, t = 6 years.

    p = I/rt = 972 / (0.03 x 6) = 972/0.18 = 5,400

    Therefore, Jack's investment was $5,400
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