Answer:
3076.92 $
Step-by-step explanation:
Given: Amount at the end of 2 years (A)= 4000 $
Rate of simple interest (r) = 15% per year = 0.15
Time (t) = 2 years
To find: Initial amount (Principle) = P
Sol:
Amount (A) = P (1+ rt)
[tex]4000 = P (1 + 2 \times 0.15)[/tex]
[tex]4000 = P (1 + 0.30)[/tex]
[tex]4000 = P (1.30)[/tex]
[tex]P = \frac{4000}{1.30} = \frac{40000}{13} = 3076.92[/tex]
Therefore, the original amount of money put by Jamie in the account is 3076.92$.
