Question

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

Answer 1

Yes, you're correct!

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

Answer 2

Yes , you are correct, the answer to the question is $810

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