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?
I = PRT
you are missing the P, so
P = I/(RT)
sub in your given stuff, enter 4% as .04
To find out how much Maria originally deposited in savings, we can use the formula for calculating simple interest:
I = P * r * t
Where:
I = interest earned
P = principal (original amount deposited in savings)
r = interest rate per period
t = number of periods
Given:
Interest earned (I) = $60
Interest rate (r) = 4% = 0.04 (expressed as a decimal)
Number of periods (t) = 4 years
Substituting these values into the formula, we have:
60 = P * 0.04 * 4
To solve for P, we can divide both sides of the equation by (0.04 * 4):
60 / (0.04 * 4) = P
Simplifying the equation gives:
60 / 0.16 = P
375 = P
Therefore, Maria originally deposited $375 in savings.