Question

(Please Help!) (Giving Good Points!)

Aviva deposited some amount of money at a 4% annual interest rate into her bank account. The money was left in the account for 18 months, and she did not make any more deposits.

If Aviva's money earned $240 interest after 18 months, how much money did she deposit into the account?

Answer 1

Aviva deposited $4,000

Explanation:

Given:

• $240 is the 6% interest rate annually (1.5 years)
• The money was left in the account for 18 months

Solving:

We'll create an equation to find the amount of money Aviva deposited.

D = 240(50/3)

D = the amount of money she has deposited.

50/3 represents 94% of D.
Since 240 is 6% of the deposit Aviva has deposited, multiplying 50/3 by 240 will equal 100% of D.

Solve:

4,000 = 240(50/3)

The amount of money Aviva deposited is $4,000.

*This is one method to solve.