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Safiya deposited money into a bank account that earned 6.5% simple interest each year. After 3 1/2 years, she had earned $36.40 in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit?

Verified Answer :

The answer is 160.00.

SJ2006

We Know, Interest money = P R T / 100
Here, I = 36.40, R = 6.5, T = 3.5, P = ?

Substitute their values into the expression,
P = I 100 / R T
P = 36.40 100 / 6.5 3.5
P = 3640 / 22.75
P = 160

So, your final answer is $160

Hope this helps!

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