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Popular Word Problems >

Carlos invested some money 7 years ago in a savings account that earned a simple interest rate of 3.125%. He now has 40,218.75. How much money did he start with?

Solution

C a r l os in v es t e d so m e m o n ey 7 ye a rs a g o in a s a v in g s a cco u n t t ha t e a r n e d a s im pl e in t eres t r a t e o f 3.125%. He n o w ha s 40, 218.75. Ho w m u c h m o n ey d i d h e s t a r t w i t h ?

Solution

Amount : 49016.6

Solution steps

Translate the problem into an equation:

A = 40218.75 (1 + 0.03125 \cdot 7)

40218.75 (1 + 0.03125 \cdot 7) = 49016.60156 \dots

Round to the nearest hundredth:

49016.6

Amount : 49016.6

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