Question

Example 4. A saving account opened 3 months ago, now has a balance of * 2040. I
the bank pays 8% simple interest, find how much money was deposited?​

Answer 1

Step-by-step explanation:

Annual interest = 8 %

3 Month interest = 2 %

SI = P*R*T/ 100

Amount = P+SI

20400-P =P*2*1/100=>

51p/50=20400=>

P=20,000

20,000 was deposited