Question

PLEASE HELP THANK YOU SO MUCH!!! :)

(solve, show work) Jennifer earns $1,920 in interest after making a deposit 6 months ago at a rate of 12.5%. What was the initial deposit 6 months ago? PLS answer this seriously its really important tysm!

Answer 1

Sure, I can help you with that problem!

We can use the simple interest formula to solve this problem. The formula is:

I = P*r*t

where I is the interest earned, P is the principal (initial deposit), r is the annual interest rate, and t is the time in years.

First, we need to convert the annual interest rate of 12.5% to a monthly rate. We can do this by dividing the annual rate by 12 (the number of months in a year):

r = 12.5%/12 = 0.01041667

Next, we need to convert the time of 6 months to a fraction of a year. We can do this by dividing 6 by 12:

t = 6/12 = 0.5

Now we can plug in the given values and solve for P:

I = P*r*t

$1,920 = P*0.01041667*0.5

$1,920 = P*0.00520833

P = $1,920/0.00520833

P = $368,640

Therefore, the initial deposit 6 months ago was $368,640.

Answer 2

P = $1807.058

Explanation:

Given

A=$1, 920

R=12.5% =12.5/100

T= 6month = 6/12 .... to change to year

Required

p=?

Solution

A= I + P ......... I= PRT

A = PRT + P

A= P(RT+1)

$1920 = P( 12.5/100 ( 6/12) + 1 )

$1920= P(1.0625)

P = $ 1920 / 1.0625

P = $1807.058