In 5 years, a bank account with a 4.5% annual interest rate earned $3,375 as simple interest. What was the principal amount of t

Question

2 months ago

13

he account.

2 answers:

zzz [12.3K] · Answer 1 · 2026-03-24T11:20:16+03:00

zzz [12.3K]2 months ago

8 0

Answer:

$375.00

Step-by-step explanation:

Zina [12.3K] · Answer 2 · 2026-03-24T11:16:43+03:00

Answer: $15000

Step-by-step explanation:

The equation for calculating simple interest is given by:-

$S.I.=P\times r\times t$ , where P stands for the principal amount, r is the interest rate, and t represents the duration.

Given: Interest amount = $3,375

Interest rate = 4.5%=0.045

Duration = 5 years

Let P denote the principal amount, which gives us

$3375=P\times 0.045\times 5\\\\\Rightarrow\ P=\dfrac{3375}{0.045\times 5}=15000$

Thus, the principal sum of the account was $15000.