Question

Keegan makes a deposit into her savings account at the beginning of the year. The account earns 3% simple interest each year. She has $360.50 in her account at the end of the year. If Keegan did not make any additional deposits or withdrawals during the year, how much did she deposit into the account at the beginning of the year?

Answer 1

Answer:

Keegan had in her account 360 dollars at the beginning of the year.

Step-by-step explanation:

Annual  interest formula:

A = P * ( 1 + r t )

Here : r = 3% = 0.03,  t = 1 ( one year ). P - deposit at the beginning of the year.

360.5 = P * ( 1 + 0.03 * 1 )

P = 360.5 : 1.03

P = 350.