Question

Mikes grandma opened a savings account in mikes name. And deposited. Some money into the account the account pays on annual simple interest rate of 5% after 8 years the interest earned on the account was 3,200 how much money did mikes grandma deposit in the account

Answer 1

Answer: 2285.71

Step-by-step explanation:

Rearranging the simple interest formula, we have P = A / (1 + rt), where P is the Principal, r is the annaul rate and t is the time period.

r = R/100 = 5%/100 = 0.05 per year.

Solving the equation:

P = 3200 / ( 1 + (0.05 × 8)) = 2285.7142857143

Answer 2

Answer:

Grandma deposited 8,000

Step-by-step explanation:

I = 3200

r = 5 %

t = 8 years

$P =\dfrac{I*100}{r*t}\\\\P = \dfrac{3200*100}{8*5}\\\\P= 8000$