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Chapter 2: 2.54 (page 127)

In five years, Gloria鈥檚 bank account earned $2,400 interest at 5% simple interest. How much had she deposited in the account?

Short Answer

Expert verified

Gloria deposit $9600 in the account.

Step by step solution

01

Step 1. Given information

InterestI=$2400

R=5%

t=5years

02

Step 2. Finding Principal

I=Prt2400=P脳5100脳5P=2400脳10025=9600

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