Wessman216
Answered

At Westonci.ca, we make it easy for you to get the answers you need from a community of knowledgeable individuals. Ask your questions and receive detailed answers from professionals with extensive experience in various fields. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

Joe earned $300 on an amount deposited into his bank account for 3 years at a 2% annual simple interest rate.

How much did Joe deposit?
I think its 300

Sagot :

taskmasters
Joe initially deposited $5,000.00

Given:
Interest = 300
Interest rate = 2%
Term = 3 years

Find the initial deposit or the principal.

Simple Interest = Principal * interest rate * term

Principal = Simple interest / (interest rate * term)
Principal = 300 / (2%*3)
Principal = 300 / 0.06
Principal = 5,000

Joe deposited $5,000.00 which earned $300 interest after 3 years at an interest rate of 2%
We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.