SOLUTION: how much was deposited if the bank paid jane seven hundred naira interest after two years at the rate of 5% per annum ?

SOLUTION: how much was deposited if the bank paid jane seven hundred naira interest after two years at the rate of 5% per annum ?

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Question 1110708: how much was deposited if the bank paid jane seven hundred naira interest after two years at the rate of 5% per annum ?
Answer by greenestamps(13198) (Show Source): You can put this solution on YOUR website!

Although not specified, the statement of the problem seems to imply simple interest rather than compound interest. So

The amount deposited was 7000 naira.
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