Mr.Drysdale earned $906.25 in intrest in one year on money that he had deposited in his local bank. If the bank paid intrest rate of 6.25% how much money did mr.Drysdale deposit?

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studentms7021 studentms7021

13-09-2019
Mathematics

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Mr.Drysdale earned $906.25 in intrest in one year on money that he had deposited in his local bank. If the bank paid intrest rate of 6.25% how much money did mr.Drysdale deposit?

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jdoe0001 jdoe0001 · Answer 1 · 2019-09-13T00:15:35+02:00

[tex]\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill&\$906.25\\ P=\textit{original amount deposited}\\ r=rate\to 6.25\%\to \frac{6.25}{100}\dotfill &0.0625\\ t=years\dotfill &1 \end{cases} \\\\\\ 906.25=P(0.0625)(1)\implies 906.25=0.0625P\implies \cfrac{906.25}{0.0625}=P \\\\[-0.35em] \rule{34em}{0.25pt}\\\\ ~\hfill 14500=P~\hfill[/tex]