Time remaining:
How much money had he deposited in the account?

Algebra
Tutor: None Selected Time limit: 0 Hours

Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. At the end of 5 years, Samuel earns $2625.00 in interest.

A: $15,000.00

B: $45,937.50

C: $459.38

D: $150.00


Apr 5th, 2015

The answer is A, $15,000.

The formula for interest earned is Principal x Interest Rate x Number of Periods. Since we know interest earned of $2,625, we have Principal as the unknown. We divide $2,625 by Interest Rate x Number of periods (.035 x 5) and get $15,000.00.

Apr 5th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Apr 5th, 2015
...
Apr 5th, 2015
Dec 5th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer