Jamie opened a bank account with some initial amount of money. the account earns simple interest at a rate of 15% per year for 2 years. at the end of that time, the account has a value of $4,000. what was the original amount of money that jamie put in the account?

ANSWER:

The initial amount deposited by Jamie is $3076.92 approximately.

SOLUTION:

Given, Jamie opened a bank account with some initial amount of money.  

The account earns simple interest at a rate of 15% per year for 2 years.  

At the end of that time, the account has a value of $4,000.  

r = 15%, t = 2 years, total bank balance = $4000.

We need to find the principal amount.

We know that,

By substituting the values we get,

Now, total bank balance = $4000

Initial amount + simple interest = 4000

P + S.I = 4000

10p + 3p = 40000

13p = 40000

P = 3076.9230

Hence, the initial amount deposited by Jamie is $3076.92 approximately.

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