Question

Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. at the end of 5 years, samuel earns $2625.00 in interest. how much money had he deposited in the account?

Answer 1

He has deposited 1500 dollars into the account.

Answer 2

P=i/rt
P=2625/0.035*5
P==15,000