Pregunta
Question 3 of 9 , Step 1 of 3
After 5 years, Mike’s account earned
in interest. If the interest rate (in decimal form) is 0.06 , how much did Mike initially invest?
Sted 1 of 3 : choose the correct formula
After 5 years, Mike’s account earned
Sted 1 of 3 : choose the correct formula
Ask by Chang Lee. in the United States
Mar 18,2025
Solución de inteligencia artificial de Upstudy
Respuesta verificada por el tutor
Responder
To find Mike’s initial investment, use the simple interest formula:
Given:
- Interest = $1200
- Rate = 0.06
- Time = 5 years
So,
Solving for
gives the initial investment.
Solución

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Como
Bonus Knowledge
To find out how much Mike initially invested, we can use the simple interest formula:
, where
is the interest earned,
is the principal amount (initial investment),
is the interest rate, and
is the time in years. Here, the interest earned is $1200, the rate is 0.06, and the time is 5 years.
Plugging in these numbers, the formula becomes
. Now, you can solve for
to find out Mike’s initial investment! It’s like being a detective, but your mystery is how much money he started with!
Once you have your equation set up, solving for
involves dividing the interest earned by the product of the rate and time. Don’t skip the math; turning ‘interest’ into ‘investment’ is a magical process! It’s akin to planting a seed today and watching your money sprout in the years to come!

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