Trevor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?
Answers
Given : Trevor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. investment yields 2.7% simple interest annually,
To Find : how big was the initial deposit
Solution:
Let say investment in initial deposit = P $
Rate of interest R = 2.7 % annually
Time = 22 Years
Simple interest = SI
SI = P * R & T /100
=> SI = P * 2.7 * 22 /100
=> SI = 0.594P $
Investment worth = P + SI
= P + 0.594P
= 1.594P $
1.594P = 6774.50
=> P = 4250 $
initial deposit = 4250 $
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Answer:
c is the correct answer!! hope this helps :)
