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Chapter 2: Q. 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

Interest I=$2400

Rate of Interest localid="1644485924388" r=5%

Time t=5years

02

Step 2. Formula used

I=Prt

Where P is the principal amount,

03

Step 3. Finding principal value

I=Prt2400=P脳5100脳5P=2400脳10025P=2400脳4=9600

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