Answer:
Colby deposited money into a savings account is $ 3100 .
Step-by-step explanation:
Formula
[tex]Simple\ interest = \frac{Principle\times Rate\times Time}{100}[/tex]
Let us assume that the amount deposit in the saving account be x .
As given
Colby deposited money into a savings account that pays a simple annual interest of 1.8%.
Colby earned $334.80 in interest after 6 years.
Simple interest = $334.80
Time = 6 years
Rate = 1.8%
Put all the values in the formula
[tex]334.80 = \frac{x\times 1.8\times 6}{100}[/tex]
[tex]x = \frac{334.80\times 100}{1.8\times 6}[/tex]
[tex]x = \frac{33480}{10.8}[/tex]
x = $ 3100
Therefore Colby deposited money into a savings account is $ 3100 .
