Safiya deposited money into a bank account that earned 6.5% simple interest each year. After 312 years, she had earned $36.40 in

Question

3 years ago

12

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If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

2 answers:

devlian [24] · Answer 1 · 2022-06-24T14:03:03+03:00

8 0

Answer:

$1.80

Step-by-step explanation:

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leonid [27] · Answer 2 · 2022-06-24T11:57:13+03:00

6 0

Answer:

$1.80

Step-by-step explanation:

Use formula

$I=P\cdot i\cdot t,$

where I is interest, P is total principal, i is rate of interest per year (as decimal) and t is total time in years.

In your case,

I=$36.45, t=312, i=0.065, then

$36.45=P\cdot 0.065\cdot 312,\\ \\P\approx \$1.80$