Question

HELP ASAP WILL MARK: Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 1/2 year, she had earned $5.00 in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit? Enter your answer in the box.

Answer 1

800

Explanation:

i took the test it is right

Answer 2

Use the simple interest formula i = p * r * t.

Here, i = p (0.0125)(1/2) = $5.00. Solve this for p.

Remove the fraction 1/2 by mult. both sides by 2.

0.0125p = $10 so p = $10/0.0125 = $800 (answer)