Question

Mikes grandma opened a savings account in mikes name. And deposited. Some money into the account the account pays on annual simple interest rate of 5% after 8 years the interest earned on the account was 3,200 how much money did mikes grandma deposit in the account

Answer 1

Answer: 2285.71

Explanation:

Rearranging the simple interest formula, we have P = A / (1 + rt), where P is the Principal, r is the annaul rate and t is the time period.

r = R/100 = 5%/100 = 0.05 per year.

Solving the equation:

P = 3200 / ( 1 + (0.05 × 8)) = 2285.7142857143

Answer 2

Grandma deposited 8,000

Explanation:

I = 3200

r = 5 %

t = 8 years

`P =(I*100)/(r*t)\\\\P = (3200*100)/(8*5)\\\\P= 8000`