If Maria earned $60 in interest over a 4-year period at a 4% simple annual interest rate, how much did she originally deposit in savings?
If Maria earned $60 in interest over a 4-year period at a 4% simple annual interest rate, how much did she originally deposit in savings?
To find out how much Maria originally deposited in savings, we can use the formula for simple interest:
Simple Interest = Principal x Rate x Time
In this case, Maria earned $60 in interest over a 4-year period at a 4% simple annual interest rate. Let's assume that the principal amount is P.
So we have:
60 = P x 0.04 x 4
To solve for P, we need to isolate it on one side of the equation. We can do this by dividing both sides of the equation by 0.04 x 4:
P = 60 / (0.04 x 4)
P = 60 / 0.16
P = 375
Therefore, Maria originally deposited $375 in savings.
so, she earned $15 per year at 4%
That means that .04x = 15
what is x?
Po*r*T = 60
Po = 60/(0.04*4) =