Problema Solution
After
10
years, Hamid's account earned
$600
in interest. If the interest rate (in decimal form) is
0.12
, how much did Hamid initially invest?
Answer provided by our tutors
let
P = the amount initially invested
r = 0.12 the interest rate
t = 10 years
I = $600 the interest earned
I = P*r*t
P*r*t = I
P*0.12*10 = 600
by solving we find:
P = $500
click here to see the step by step solution of the equation:
Hamid initially invested $500.