A person invests money in a savings account that pays 2.5%

Last updated: 7/19/2022

A person invests money in a savings account that pays 2.5% simple interest. After one year, the person earns $24.25 in interest. How much did this person initially invest in the account (rounded to the nearest dollar)? Use the formula P=1/rtwhere P is the principle, /is the interest earned, r is the interest rate and t is the time, to find the initial investment. $1,230 $125 $1,170 $970