Question

Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 1/2 year, she had earned $5.00 in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit

Answer 1

800

Explanation:

I took the test. :P

Answer 2

Hey there! Hello!

For this problem, you need to consider the formula I = Prt, which is the interest formula. I have attached a picture of the work I did to solve this problem, and there I have written what each of the terms of this formula represent.

Hope this helped you out! Feel free to ask me any additional questions if you have any, and be sure to let me know if there's anything in my work that you cannot read or need further explanation about. :-)