Jerry's savings account earned $$ \$ 150 $$ after 5 years with a simple interest rate of $$ 3 \% $$. How much did Jerry deposit on his savings account 5 years ago?

Question

UpStudy AI · Accepted Answer

To determine how much Jerry initially deposited in his savings account, we can use the **simple interest formula**:

$$
\text{Interest} = P \times r \times t
$$

Where:
- $$ \text{Interest} $$ is the total interest earned (\$150).
- $$ P $$ is the principal amount (initial deposit) we want to find.
- $$ r $$ is the annual interest rate (3\% or 0.03).
- $$ t $$ is the time in years (5 years).

Let's plug in the known values and solve for $$ P $$:

$$
150 = P \times 0.03 \times 5
$$

$$
150 = P \times 0.15
$$

$$
P = \frac{150}{0.15}
$$

$$
P = 1000
$$

**Answer:** Jerry originally deposited \$1,000 in his savings account.
Jerry deposited \$1,000 in his savings account 5 years ago.

Jerry’s savings account earned
after 5 years with a simple
interest rate of . How much did
Jerry deposit on his savings account
5 years ago?

Solución de inteligencia artificial de Upstudy

Responder

Solución

Extra Insights

preguntas relacionadas

Latest Arithmetic Questions

Jerry’s savings account earned after 5 years with a simple interest rate of . How much did Jerry deposit on his savings account 5 years ago?