Question

Miko deposited some money in a fixed deposit account at a local bank.
The interest rate is 2% per year.
After one year, she received $240 interest.
How much money did she deposit at first?

Answer 1

Answer:

Interest = Principal × Rate/100 × time

Here Interest = $240

Time = 1 year

Rate = 2%

using these values we have to find Principal

240 = P × 2/100 × 1

P = 240 ×100/2 × 1

P = $ 12000