Question

If you earned $2,000 interest for 2 years at 7%, how much money did you originally invest?

Thanks.

Answer 1

I = prt

2000 = p * 0.07 * 2

Solve for p.

Answer 2

1 = prt

2000 = p* 0.07 * 2

2000/2 = p * 0.07 * 2/2

1000 = p * 0.07

1000/0.07 = p * 0.07/0.07

14,285.71 = P

Answer 3

Right!

Answer 4

Thanks greatly, Ms. Sue, for your help tonight. Will be getting back on tomorrow evening. Good night.

Garnett

Answer 5

You're very welcome, Garnett. See you tomorrow.