$3,000 was originally invested in account when invested at an annual interest rate of 6% an account earned $180.00 of simple interest in one year.
Interest paid by bank = 6%
Principle (invested) is unknown
Rate changed to decimal= 0.06
Time is 1 year
simple interest formula-
I = PRT
180= P *0.06*1
180/.06 = .06P/ .06
3,000 = P
$3,000 was originally invested in account.
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