asked 152k views
0 votes
Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 9%. After 8 years, the interest earned on the account was $1,440. How much money did Mike's grandmother deposit in the account?

asked
User James P
by
7.9k points

1 Answer

1 vote
SI = prt/100
1440 = (p*9*8)/100
⇒p=2000

answered
User Naskov
by
7.6k points
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