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| Math Central | Quandaries & Queries |
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Question from RW, a student: If you earned 55.00 for a year in your savings acct. The account pays 0.5 % interest. How much money did you initially have in the savings account. |
RW,
I'm not sure if the $55.00 is the amount in your savings account at the end of the year or if it is the amount of interest you earned. I am going to assume it is the interest you earned.
I want to convert the statement of this problem into an equation. First of all 0.5% as a fraction is 0.5/100 = 0.005. Suppose the amount initially in the account is $I. So you invested $I for one year at 0.5% interest and the interest you earned was $55.00. Thus
0.005 × $I = $55.00.
Solve for $I.
Penny
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