Answer:
Mary Seitz invested $ 2,000 in the savings account.
Step-by-step explanation:
1. Let's review the information given to us to answer the question correctly:
Interest rate = 5% simple = 0.05
Time of the investment = 3 years
Amount of interest = $ 300
2. How much money did Mary place in the savings account?
Let's recall the formula of the simple interest:
A = P * (1 + rt), where:
A = Final value of the investment
P = Initial investment
r = Interest rate
t = Time
Replacing with the values we know:
A = P * (1 + 0.05 * 3)
A = P * (1 + 0.15)
P + 300 = 1.15P (A = P + 300)
P - 1.15P = -300
-0.15P = -300
P = -300/-0.15
P = 2,000
Mary Seitz invested $ 2,000 in the savings account.
