Simon opened a certificate of deposit with the money from his bonus check. the bank offered 4.5% interest for 3 years of deposit. simon calculated that he would earn $87.75 in the time. how much did simon deposit to open the account?

$650

Step-by-step explanation:

To find the amount that Simon deposited to get $87.75 in time, we need to use the formula:

Let's break down our variables first.

P = ?

r = 4.5% or 0.045

t = 3

I = $87.75

Now let's plug our values into the formula.

To find P we need to divide both sides with 0.135.

This means the Simon deposited $650 to open the account.

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example 2 – simplify: step 1: completely factor both the numerators and denominators of all fractions. step 2: change the division sign to a multiplication sign and flip (or reciprocate) the fraction after the division sign; essential you need to multiply by the reciprocal. step 3 : cancel or reduce the fractions.