Problema Solution

kevin invested money in a savings account at a rate of 5% simple interest. After one year, he has $3717.0 in the account. How much did Kevin originally invest?

Answer provided by our tutors

I=Pnr.

P+Pnr=3717.

P(1+0.05*1)=3717.

P=3717/1.05

=$3540.