Question

When signing the lease for her new apartment, Tanya paid a security deposit that earned 4% simple annual interest. At the end of a year, the interest earned on the security deposit was $17.50. How much was the security deposit?

Answer 1

p=437.5 is the amount of security deposit.

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Answer 2

The simple interest formula is
I=prt
Where
I the interest earned 17.5
P security deposit ?
R interest rate 4%=0.04
T time 1 year
17.5=p×0.04×1
Solve for p
17.5=0.04p
Divide both sides by 0.04 to get
P=17.5÷0.04
p=437.5 is the amount of security deposit.

Hope it helps!