Answer:
Therefore Nat deposited $500 when he opened the account.
Step-by-step explanation:
Given that Nat opened an account that earns 1.4% simple annual interest. He will earn $21 total interest after t years.
The simple interest formula is
[tex]I= Prt[/tex]
I= interest= $21
P= Principal=?
t= time in year= 3 years.
r = rate of interest= 1.4%= 0.014
[tex]I= Prt[/tex]
[tex]\Rightarrow P=\frac{I}{rt}[/tex]
[tex]=\frac{21}{0.014\times 3}[/tex]
=$500
Therefore Nat deposited $500 when he opened the account.