Mathie2006 Mathie2006

04-12-2019
Mathematics

contestada

Kelly opened a bank account that earns 1.2% simple interest each year. After 7 years, Kelly will earn $126 in interest. How much did Kelly deposit when she opened the account?

Respuesta :

Poltergeist Poltergeist

16-01-2020

Answer:

13.4 dollars

Step-by-step explanation:

The final amount is given by:

F=I(1+rt)

Where

I= initial amount

r= interest rate

t= time interval

F= final amount

Now in our case

r= 1.2

t= 7

F= $126

Therefore I=F/(1+rt) = 126/(1+1.2*7) = 13.4 dollars.

Answer Link

11-03-2021

Answer:

13.4

Step-by-step explanation:

Answer Link

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