You deposited money in your bank for 8 years and didn't make any withdrawals. You earned $1,600. The interest rate was 8%. Calcu

Question

Arada [10]

3 years ago

5

You deposited money in your bank for 8 years and didn't make any withdrawals. You earned $1,600. The interest rate was 8%. Calcu

late the initial amount deposited

Mathematics

1 answer:

Lina20 [59] · Answer 1 · 2022-08-24T17:38:05+03:00

Answer:

$2500

Step-by-step explanation:

This is a simple interest problem. The formula is I = Prt, where I is the interest earned, P is the initial investment, r is the interest rate as a decimal, and t is the time in years. Filling in:

1600 = P(.08)(8) and

1600 = .64P so

2500 = P