Question

You earned $1600 in interest in your savings account over 10 years at a rate of 8%. How much money did you originally deposit into your savings account?

Answer 1

A = p(1+r)^t

1600 = p(1+0.08)¹⁰

P = 1600/2.1589

P= 741.12

741.12 dollar money did you originally deposit into your savings account!