Safiya deposited money into a bank account that earned 6.5% simple interest each year. After 3 1/2 years, she had earned $36.40 in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

ANSWERS

2020-04-22 05:15:57

The answer is 160.00.

2020-04-22 05:17:12

We Know, Interest money = P * R * T / 100 Here, I = 36.40, R = 6.5, T = 3.5, P = ? Substitute their values into the expression, P = I * 100 / R * T P = 36.40 * 100 / 6.5 * 3.5 P = 3640 / 22.75 P = 160 So, your final answer is $160 Hope this helps!

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