when invested at an annual interest rate of 6% an account earned $180.00 of simple interest in one year. how much money was originally invested in account?

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21-10-2022
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when invested at an annual interest rate of 6% an account earned $180.00 of simple interest in one year. how much money was originally invested in account?

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shardiksh890 shardiksh890 · Answer 1 · 2022-10-25T12:21:50+02:00

$3,000 was originally invested in account when invested at an annual interest rate of 6% an account earned $180.00 of simple interest in one year.

Interest paid by bank = 6%

Principle (invested) is unknown

Rate changed to decimal= 0.06

Time is 1 year

simple interest formula-

I = PRT

180= P *0.06*1

180/.06 = .06P/ .06

3,000 = P

$3,000 was originally invested in account.

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