Terry invested money in an account that paid 4 percent simple interest for one year. After the year ,terry had $156 in his account . he did

Question

Terry invested money in an account that paid 4 percent simple interest for one year. After the year ,terry had $156 in his account . he did not make any withdrawal or deposits within that year . what was the beginnings amount of money in terry account

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Athena 2 weeks 2022-01-12T20:56:58+00:00 1 Answer 0 views 0

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    2022-01-12T20:58:29+00:00

    Answer:

    The initial deposit that Terry made was $ 150

    Step-by-step explanation:

    1. Let’s review the information given to us to answer the question correctly:

    Future Value of the account = $ 156

    Interest rate = 4% simple interest = 0.04

    Terry did not make any withdrawal or deposits

    2. What was the beginnings amount of money in Terry’s account?

    Let’s recall the simple interest formula for answer this question:

    FV = P * (1 + rt)

    Replacing with the values we have:

    156 = P * (1 + 0.04)

    156 = 1.04p

    P = 156/1.04

    P = 150

    The initial deposit that Terry made was $ 150

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