faith45 faith45

04-10-2016
Mathematics

Answered

jack earned $972 in 6 years on an investment at a 3% annual simple interest rate. how much was jacks investment?

Verified Answer :

nobillionaireNobley nobillionaireNobley

08-10-2016

I = prt; where I = 972, r = 3% = 3/100 = 0.03, t = 6 years.

p = I/rt = 972/(0.03 x 6) = 972/0.18 = 5,400

Therefore, Jack's investment was $5,400

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1245247 1245247

13-11-2018

Jack's investment was $5,400

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