Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 11%. After 13 years, the interest earned on the account is $5720. How much money did Mike's grandmother deposit into the account?

Question

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account.  The account pays an annual simple interest rate of 11%.  After 13 years, the interest earned on the account is $5720.  How much money did Mike's grandmother deposit into the account?

Ms. Sue · Answer

I = PRT 5720 = P * 0.11 * 13 5720 = 1.43P 4,000 = P

lola · Answer

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 4%. After 13 years, the interest earned on the account was $2,080. How much money did Mike's grandmother deposit in the account?