contestada

Timothy has a savings account that he started five years ago to begin saving for college. The
savings account has an interest rate of 3% and has earned $225 in interest since he began the
account. How much money did Timothy start the account with when he originally opened the
savings account?
A. $1500.00
B. $33.75
C. $7500.00
D. $3375.00
of $18

Respuesta :

semsee45

Answer:

A. $1500.00

Step-by-step explanation:

Assuming this is a simple interest savings account.

Simple interest formula

I = Prt

where:

  • I = total interest
  • P = principal amount
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • I = $225
  • r = 3% = 0.03
  • t = 5 years

Substitute the given values into the formula and solve for P:

⇒ I = Prt

⇒ 225 = P(0.03 ×5)

⇒ 225 = P(0.15)

⇒ P = 225 ÷ 0.15

⇒ P = 1500

Therefore, Timothy started the account with $1500.00.
  • I=PRT/100
  • P=100I/RT
  • P=100(225)/5(3)
  • P=22500/15
  • P=$1500

Otras preguntas