Question

Howard earned $48 in interest after saving for 3 years at a simple annual interest rate of 2%. How much did Howard originally deposit?

Answer 1

P=i/rt
P=48÷(0.02×3)
P=800

Answer 2

Answer:

Howard originally deposited $800.

Step-by-step explanation:

Interest = $48

t = 3 years

r = 2% or 0.02

p = ?

Simple interest formula is :

$I=p\times r\times t$

Substituting the values in formula, we get;

$48=p\times0.02\times3$

=> $48=0.06p$

p = $800

Hence, Howard originally deposited $800.