Question

With an interest rate of 3.25% over 4 years, how much money was originally deposited if

Answer 1

Interest = Principle(Rate)(Time)
$84.50 = P(0.0325)(4)
$84.50 = P(0.13)
$84.50/0.13 = P
P = 650

$650 was originally deposited.

Answer 2

Answer: Amount of money originally deposited (P) = $650.0

Step-by-step explanation:

I = P x R x T/100

I = interest, P = Principal, R = Rate and T = Time.

I = $84.50, P = ?, R = 3.25%, T = 4

Making P the subject of the formul,a

P = I x 100/R x T

P = 84.50 x 100/3.25 x 4

P = 8450/13

P = $650.00