This is probably simple but I cannot figure out the equation. Please help....
Harley has just invested money in an accout that pays 7.5% per year in simple interest. If he waits 3 years he will earn 1237.50 in interest. HOw much money does he have invested in the account?
When I take the 1237.50 and multiply by .925 and do that with the sum two more times I get a total of 979.42. To check my work and then worked back toward the total by multiplying by 1.075 three times. I do not get my original number!!
Someone please tell me what I am doing wrong. Thanks in advance for any help!!
Harley has just invested money in an accout that pays 7.5% per year in simple interest. If he waits 3 years he will earn 1237.50 in interest. HOw much money does he have invested in the account?
When I take the 1237.50 and multiply by .925 and do that with the sum two more times I get a total of 979.42. To check my work and then worked back toward the total by multiplying by 1.075 three times. I do not get my original number!!
Someone please tell me what I am doing wrong. Thanks in advance for any help!!