Question

Armen received $2000 as an interest for term deposit of 2 years. How much money did he deposit, if the annual interest was 8%?

Answer 1

Answer: $12,500

Step-by-step explanation:

We want to find how much he deposited annually, so we divide 2000 by 2 to get 1000 for 1 year. 1000 is 8 percent of what we need to find, so if we multiply 1000 by 100/8, we get $12,500 as our answer.

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