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IgorLugansk [536]
4 years ago
15

Mr. Drysdale earned 906.25 in interest in one year on money that he had deposited in

Mathematics
1 answer:
VikaD [51]4 years ago
5 0

Answer: Mr Drysdale deposited 14,500

Step-by-step explanation:

Using the simple Interest formula

Simple Interest = Principal(Initial Money) * Interest Rate * Time Period

I = P*R*T

I = PRT

To get P which is the initial money he deposited, we divide both sides by RT

I/RT = PRT/RT

I/RT = P

Therefore the money deposited

P = I/RT

Interest (I)= 906.25

Interest Rate (R)= 6.25% = { converting percentage to decimal} (6.25/100)= 0.0625

Time Period (T) = 1 year

Principal (P)= ?

P= I/RT

P= 906.25/(0.0625 * 1)

P= 906.25/0.0625

P= 1450

The money he deposited in his local bank is 14,500

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