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Three years after opening an account that paid 6.45% annually, a depositor withdrew the $3,096 in interest earned. How much money was left in the account?

Respuesta :

The interest computed shows that the amount of money that was left in the account is $16000.

How to calculate the amount?

The formula for simple interest is given as:

Interest = PRT/100

In this case, we'll slot in the figures given. This will be:

3096 = (P × 6.45 × 3)/100

309600 = 19.35P

P = 309600/19.35

P = 16000

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