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Chapter 3: Q. 3.44 (page 328)

In 5 years, Gloria鈥檚 bank account earned $2400 interest at 5%. How much had she deposited in the account?

Short Answer

Expert verified

Gloria鈥檚 bank account earned $2400interest at 5% in five years then she might have deposited $9600 in the account?

Step by step solution

01

Step 1. Given information    

simple interestI=$2400

Interest rater=5%r=0.05

Timet=5

02

Step 2. Principal  

Consider the principal is P

Substitute simple interest, interest rate, and time in Simple interest formula

I=Prt2400=P(0.05)(5)2400=0.25P24000.25=PP=9600

So the Principal was $9600.

03

Step 3. Verification   

Simple interest of principal $9600 with interest rate 5% and time 5years is

I=PrtI=9600(0.05)(5)I=2400

simple interest is $2400which is the same as given in the question

so the principal of $9600is correct.

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