Tom started a savings account that earned $168 an interest in eight years with an annual rate of 7% simple interest what was the original amount in the account

Question

Mathematics

Ezekiel Guerra

27 August, 22:47

Tom started a savings account that earned $168 an interest in eight years with an annual rate of 7% simple interest what was the original amount in the account

+3

Answers (2)

Know the Answer?

Kaliyah Alvarez · Answer 1

Step-by-step explanation:

I = PTR/100

Given from the question:

I = $168

R = 7%

T = 8

P = ?

Substituting into the formula, we have

168 = P X 8 X 7 / 100

168 X 100 = 56P

16800 = 56P

Therefore

P = 16800/5

P = 300

Therefore the original amount in the account is $ 300

Ernesto Liu · Answer 2

Answer:$300

Step-by-step explanation:

S. I=P*R*T/100

S. I = Simple interest

P=principal amount

R=Rate

T=Time

100*S. I/R*T=P

100*168/7*8

=16800/56=$300