Answer:
The initial amount in the account is $333.33
Step-by-step explanation:
Here, we want to calculate the initial amount in the account.
Let the initial amount be $x
Mathematically;
Simple interest = PRT/100
where P is the amount deposited = $x
R is the rate = 10%
T is the time = 5 years
Simple interest = Present amount - Principal = $(500-x)
By substituting;
500-x = (x * 10 * 5)/100
100(500-x) = 50x
50,000 - 100x = 50x
50,000 = 100x + 50x
150x = 50,000
x = 50,000/150
x = 333.33333333
Which to the nearest penny ; x = $333.33
