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Samson opened a bank account with 1.25% simple interest. The total amount of interest Samson will earn after 20 years is $812.50.
How much did Samson deposit when he opened the account?

Respuesta :

Blitztiger
The equation for simple interest is:
Future interest = Principal*(interest rate*number of years). Remember to write the interest rate of 1.25% as 0.0125 (rather than directly as 1.25)
812.50 = x(0.0125*20)
812.5 = x(0.25)
x = $3250
This means that Samson deposited $3250 when he opened the account.

Answer:

The amount deposited when he opened the account is $3250.

Step-by-step explanation:

Given information:

The rate (R) of simple interest = 1.25%

Time (T) = 20 years

The amount of interest is $8121.50

As , we know that:

Simple interest [tex]I=(P \times R \times T)/100[/tex]

Then ,

[tex]812.50=(P \times 1.25 \times 20)/100\\P = (812.50 \times 100)/(1.25 \times 20)\\P=3250[/tex]

Hence, the amount deposited when he opened the account is $3250.

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