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Samuel deposited money in an account that pays an annual simple interest rate of 3.5%. At the end of 5 years, Samuel earns $2625.00 in interest. How much money had he deposited in the account?

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altavistard
The appropriate interest formula is i = p r t, where i is the interest earned, p is the principal amount and t is the number of years. You know i, r and t, but do not know p.  Your job is to calculate p.

p=i/(rt)

Here, p = $2625/(0.035*5)

Please evaluate that to obtain your final answer.

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