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Popular Word Problems >

In 8 years, Estelle's bank account earned 1,270 simple interest at 2.5% . How much had she deposited in the account?

Solution

I n 8 ye a rs, E s t e ll e^{'} s bank a cco u n t e a r n e d 1, 270 s im pl e in t eres t a t 2.5% . Ho w m u c h ha d s h e d e p os i t e d in t h e a cco u n t ?

Solution

Principal : 6350

Solution steps

Translate the problem into an equation:

1270 = P \cdot 0.025 \cdot 8

Solve for

P, 1270 = P \cdot 0.025 \cdot 8 : P = 6350

Principal : 6350

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