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29 November, 07:09

You open your first savings account three months ago so far you have earned 9.80 and simple interest at an annual interest rate of 6%. How much money did you put in the account when you opened it?

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  1. 29 November, 07:36
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    Answer: you put 9.655 in the account when you opened it

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount of money deposited.

    P represents the principal or amount of money deposited.

    R represents interest rate on the deposit.

    T represents the duration of the deposit in years.

    From the information given,

    Amount earned = 9.80

    I = 9.8 - P

    R = 6%

    T = 3 months. There are 12 months in a year. Converting 3 months to year, it becomes 3/12 = 0.25 year

    Therefore

    9.8 - P = (P * 6 * 0.25) / 100

    9.8 - P = 0.015P

    0.015P + P = 9.8

    1.015P = 9.8

    P = 9.8/1.015

    P = 9.655
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