Question

Ivy deposited some money into a savings account that earns 1%

Answer 1

Answer:

Ivy initially put $ 650 in the account.

Step-by-step explanation:

Given that Ivy deposited some money into a savings account that earns 1% annual simple interest, and at the end of 5 years, she earned $ 32.50 in interest, to determine how much money did she put into the account initially, the following calculation must be performed:

32.50 / 5 = 6.5

1 = 6.5

100 = X

100 x 6.5 = X

650 = X

Therefore, Ivy initially put $ 650 in the account.