SOLUTION:
Step 1:
In this question, we are given the following:
Edwin deposited money into a savings account that pays a simple annual interest rate of 1.2%.
He earned $27 in interest after 3 years.
How much did he deposit?
Step 2:
The details of the solution are as follows:
[tex]\begin{gathered} Simple\text{ Interest = }\frac{Principa\text{l x Rate x Time}}{100} \\ Interest\text{ = \$ 27} \\ Time\text{ = 3 years} \\ Principal\text{ = P} \\ Rate\text{ = 1.2 \%} \end{gathered}[/tex]Making P the subject of the formulae, we have that:
[tex]\begin{gathered} P\text{ =}\frac{100\text{ x Simple Interest}}{Rate\text{ X Time}} \\ P\text{ = }\frac{100\text{ x 27}}{1.\text{ 2 x 3}} \\ P\text{ = }\frac{2700}{3.6} \\ P=\text{ \$ 750} \end{gathered}[/tex]CONCLUSION:
He deposited $ 750