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16 October, 05:01

You opened your first savings account 3 months ago. So far, you have earned $9.90 in simple interest, at an annual interest rate of 6%. How much money did you put in the account when you opened it? Use the formula: I = Prt.

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  1. 16 October, 07:37
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    I=prt

    9.90=p (.06) (3)

    9.90=p (.18)

    9.90/.18=p. 18/.18

    55=p

    I put in $55 into the account when I opened it.
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