Answer: $1101 must be deposited into the account.
Step-by-step explanation:
Let x represent the amount that must be deposited.
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents the interest after T years.
P represents the principal or initial amount deposited.
T represents the amount of time for which the money is left in the account in years.
R represents the interest rate.
From the information given,
P = $x
T = 3 years
R = 4.5%
I = 1250 - x
Therefore,
1250 - x = (x × 4.5 × 3)/100
1250 - x = 0.135x
x + 0.135x = 1250
1.135x = 1250
x = 1250/1.135
x = 1101 to the nearest dollar
