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A bank is offering 3.5% simple interest on a savings account. If you earned $525 in interest
in 2 years, how much did you deposit in the savings?
O $7,500
O $8,000
O $7.250
$7.000

Respuesta :

MrRoyal

Answer:

$7500

Step-by-step explanation:

Given

[tex]I = 525[/tex]

[tex]R = 3.5\%[/tex]

[tex]T =2[/tex]

Required

The Principal

This is calculated using:

[tex]I =PRT[/tex]

Make P the subject

[tex]P = \frac{I}{RT}[/tex]

So, we have:

[tex]P = \frac{525}{3.5\% * 2}[/tex]

[tex]P = \frac{525}{7.0\%}[/tex]

[tex]P = 7500[/tex]

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