Question

After 6 months Catherine had a balance of $61,770 in a savings account that earns 13% interest per year. How much was her initial deposit? Simple Intrest

Answer 1

58,000$

Explanation:

13% per year = 6,5% per 6 months

let X - her initial deposit -> x * 1,065 = 61,770 -> x = 61,770 / 1,065 = 58,000