In approximately two to three sentences, explain how you would solve for x in the following equation: 14(x-4) = 56
1 answer:
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Answer:
$2000
Step-by-step explanation:
The formula for simple interest is:
Where
i is the interest earned
P is the initial deposit
r is the rate of interest (in decimal)
t is the time
Now, in the problem, it is given:
i = 480
r = 4% = 4/100 = 0.04
t = 6
Now, we substitute and find the value of P (initial deposit):
Hence, the initial deposit was $2000