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Me drysdale earned $906.25 in interest in one year on money that he had in the bank. If the bank paid an interest of 6.25%apr how much money did me drysdale deposit

Respuesta :

He deposited $14,500.

The formula for simple interest is I=prt, where I is the interest, p is the principal invested, r is the rate as a decimal number, and t is the time.  Using our information, we have:

960.25 = p(0.0625)(1)
960.25 = 0.0625p

Divide both sides by 0.0625:
960.25/0.0625 = 0.0625p/0.0625
14500 = p

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