Question

Samson opened a bank account with 1.25% simple interest. The total amount of interest Samson will earn after 20 years is $812.50.
How much did Samson deposit when he opened the account?

Answer 1

The equation for simple interest is:
Future interest = Principal*(interest rate*number of years). Remember to write the interest rate of 1.25% as 0.0125 (rather than directly as 1.25)
812.50 = x(0.0125*20)
812.5 = x(0.25)
x = $3250
This means that Samson deposited $3250 when he opened the account.

Answer 2

Answer:

$203.12

Step-by-step explanation:

I hope this is correct, please check out my question, I'm struggling. :/