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3 years ago

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

2 answers:

6 0

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.

vesna_86 [32]3 years ago

6 0

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

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