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kwasi deposited some money in his savings account for 5years . The bank pays simple interest at 8% per annum. if the interest he received was Gh¢160.00, how much did he pay into his account​

Respuesta :

semsee45

Answer:

$400.00

Step-by-step explanation:

Simple interest formula

I = Prt

where:

  • I = interest
  • P = principal
  • r = interest rate (in decimal form)
  • t = time (in years)

Given:

  • I = $160.00
  • r = 8% = 0.08
  • t = 5 years

Substitute given values into the formula and solve for P:

⇒ 160 = P · 0.08 · 5

⇒ 160 = 0.4 P

⇒ P = 160 ÷ 0.4

⇒ P = $400

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