Question

Jamie opened a bank account with some initial amount of money. The account earns simple interest at a rate of 15% per year for 2 years. At the end of that time, the account has a value of $4,000. What was the original amount of money that Jamie put in the account?

Answer 1

Answer:

3076.92 $

Step-by-step explanation:

Given: Amount at the end of 2 years (A)= 4000 $

Rate of simple interest (r) = 15% per year = 0.15

Time (t) = 2 years

To find: Initial amount (Principle) = P

Sol:

Amount (A) = P (1+ rt)

$4000 = P (1 + 2 \times 0.15)$

$4000 = P (1 + 0.30)$

$4000 = P (1.30)$

$P = \frac{4000}{1.30} = \frac{40000}{13} = 3076.92$

Therefore, the original amount of money put by Jamie in the account is 3076.92$.

Answer 2

Answer:

$3077

Step-by-step explanation: