SOLUTION: What is the equation to solve this word problem: A bank deposit grew to $2000 in 10 months paying 8% interest. What is the principal? I tried:
2000=x * .08 * (10/12) but not su
Algebra.Com
Question 371750: What is the equation to solve this word problem: A bank deposit grew to $2000 in 10 months paying 8% interest. What is the principal? I tried:
2000=x * .08 * (10/12) but not sure if this is correct and don't understand next steps.
Answer by robertb(5830) (Show Source): You can put this solution on YOUR website!
If it is simple interest, then your equation is B = P(1+rt).
2000 = x(1+0.08*(10/12)),
2000 = x(1.066666666...),
x = 1875.
RELATED QUESTIONS
A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $2000... (answered by sudhanshu_kmr)
a bank deposit paying simple interest at the rate of 5%/year grew to a sum of $3100 in 10 (answered by rfer)
A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $1900... (answered by rfer)
A bank deposit paying simple interest grew from an initial sum of $1000 to a sum of $1045 (answered by fractalier)
Please help me solve this:
a bank deposit paying simple interest at the rate of 6% per... (answered by mrjunecarlo1095@ymail.com)
WORKSHEET 2
Interest
Simple Interest
Simple Discount
Compound Interest
Solve for... (answered by ikleyn)
I figured out the answer but I am clueless as to the equation. Can you please help????... (answered by stanbon)
Please help me solve this problem --you deposit 2000 in a 5 year certificate of deposit... (answered by Alan3354)
Sam put $2,000 in a savings account at his bank. After 10 years, his account balance was... (answered by richwmiller)