Javier's parents set an amount of money aside when he was born. They earned 4.5% simple interest on that money each year. When Javier was 15, the account had a total of $1012.50 interest paid on it. How much did Javier's parents set aside when he was born

Javier's parents set aside $1500 when he was born

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E is the interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

In this question, we have that:

We have to find P. So

Javier's parents set aside $1500 when he was born

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