Answer:
Let's denote the initial investment amount by P. The formula to calculate the interest earned is given by I = Pxrxt, where:
- ( I ) is the interest earned (900 in this case)
- ( r ) is the interest rate (0.1 in decimal form)
- ( t ) is the time period (10 years in this case)
We need to solve for P using the formula ( I = Pxrxt.
Given:
I = 900
r = 0.1
t = 10
Substituting these values into the formula, we get:
900= Px0.1x10
P= 900/(0.1*10)
P=900
So, Mike initially invested $900