Safiya deposited money into a bank account that earned 6.5% simple interest each year. After 3 1/2 years, she had earned $36.40

Question

3 years ago

10

Safiya deposited money into a bank account that earned 6.5% simple interest each year. After 3 1/2 years, she had earned $36.40

in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

Mathematics

2 answers:

Lesechka [4] · Answer 1 · 2022-02-25T16:57:26+03:00

Lesechka [4]3 years ago

8 0

We Know, Interest money = P * R * T / 100
Here, I = 36.40, R = 6.5, T = 3.5, P = ?

Substitute their values into the expression,
P = I * 100 / R * T
P = 36.40 * 100 / 6.5 * 3.5
P = 3640 / 22.75
P = 160

So, your final answer is $160

Hope this helps!

RSB [31] · Answer 2 · 2022-02-25T15:00:12+03:00

RSB [31]3 years ago

3 0

The answer is 160.00.