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6 August, 07:37

With an interest rate of 3.25% over 4 years, how much money was originally deposited if

$84.50 in interest was earned?

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Answers (2)
  1. 6 August, 08:43
    0
    Interest = Principle (Rate) (Time)

    $84.50 = P (0.0325) (4)

    $84.50 = P (0.13)

    $84.50/0.13 = P

    P = 650

    $650 was originally deposited.
  2. 6 August, 09:21
    0
    Answer: Amount of money originally deposited (P) = $650.0

    Step-by-step explanation:

    I = P x R x T/100

    I = interest, P = Principal, R = Rate and T = Time.

    I = $84.50, P = ?, R = 3.25%, T = 4

    Making P the subject of the formul, a

    P = I x 100/R x T

    P = 84.50 x 100/3.25 x 4

    P = 8450/13

    P = $650.00
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