Problema Solution
Mr. Silva earned $196.50 in interest in a year for an account that paid 3% interest per year. If he did not take any money out of the account during the year, how much was in the account at the start of the year?
Answer provided by our tutors
let
x = the money in the account at the start of the year
3% of x = 196.50
0.03x = 196.50
by solving we find
x = $6,550
click here to see the step by step solution of the equation
there were $6,550 in the account at the start of the year.