Kelly opened a bank account that earns 1.2% simple interest each year. After 7 years, Kelly will earn $126 in interest. How much did Kelly deposit when she opened the account?
Answers
Answer:
13.4 dollars
Step-by-step explanation:
The final amount is given by:
F=I(1+rt)
Where
I= initial amount
r= interest rate
t= time interval
F= final amount
Now in our case
r= 1.2
t= 7
F= $126
Therefore I=F/(1+rt) = 126/(1+1.2*7) = 13.4 dollars.
Final answer:
To find out how much Kelly deposited when she opened the account, we can use the formula for simple interest. We are given that the interest earned is $126 and the interest rate is 1.2% per year. After assigning a variable to represent the principal, we can solve the equation to find the amount Kelly deposited.
Explanation:
To find out how much Kelly deposited when she opened the account, we can use the formula for simple interest:
Interest = Principal × Rate × Time
We are given that the interest earned is $126 and the interest rate is 1.2% (or 0.012 as a decimal) per year. We also know that Kelly kept the money in the account for 7 years. Let's assign a variable, P, to represent the principal:
$126 = P × 0.012 × 7
To solve for P, we can divide both sides of the equation by 0.012 × 7:
P = $126 / (0.012 × 7)
Calculating this expression gives us the value of P, which is the amount Kelly deposited when she opened the account.
Learn more about Simple interest here:
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Quarters:
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Answers
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Step-by-step explanation:
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Answers
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Answers
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