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21 May, 12:52

Ms. Juarez deposited money into a savings account that pays a simple annual interest rate of 1.6% she earned $38.88 after 3 years. how much did she deposit

if I'm correct I got $810.00

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Answers (2)
  1. 21 May, 14:11
    0
    Yes, you are correct, the answer to the question is $810

    Step-by-step explanation:

    From the question above, the simple interest is given to be $38.88, the time is given to be 3 and the rate is 1.6%, we are to find the money she deposited, that means we are to look for the principal.

    To solve this question, we will simple use the simple interest formula;

    Simple Interest = P*R*T / 100

    Where P = principal

    R=Rate

    T=Time (given in years)

    We can now substitute our values into the formula;

    Simple Interest = P*R*T / 100

    $38.88 = P * 1.6*3 / 100

    $38.88 = 4.8P / 100

    Cross multiply

    4.8P = $3888

    Divide both-side of the equation by 4.8

    4.8P/4.8 = $3888/4.8

    P = $810

    Principal is $810

    Therefore, this implies the amount she deposited is $810
  2. 21 May, 14:14
    0
    Yes, you're correct!

    Step-by-step explanation:

    To solve reverse percentages, you multiply the money she earned, $38.88 by 100.

    =3,888

    Then, divide 3,888 by 1.6%.

    =2,430

    Finally, divide 2,430 by 3 (the number of years)

    = 810
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