Answer
Find out the how much money did Mary place in the savings account .
To prove
Formula
[tex]Simple\ interest = \frac{Principle\times rate\times time}{100}[/tex]
As given
Mary Seitz invested a certain amount of money in a savings account paying 4% simple interest per year.
When she withdrew her money at the end of 3 years, she received $ 480 in interest.
Interest = $480
Time = 3 years
Rate = 4%
Put in the formula
[tex]480 = \frac{Principle\times 4\times 3}{100}[/tex]
[tex]Principle = \frac{48000}{12}[/tex]
Principle = $ 4000
Therefore the $4000 money Mary place in the saving account.
