You earned $1600 in interest in your savings account over 10 years at a rate of 8%. How much money did you originally deposit into your savings account?

Question

asked Jun 27, 2022 81.4k views

1 Answer

Indrek Ots · Answer 1 · 2022-07-01T12:08:27+0000

A = p(1+r)^t

1600 = p(1+0.08)¹⁰

P = 1600/2.1589

P= 741.12

741.12 dollar money did you originally deposit into your savings account!