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) About Me  (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

I+=+prt
700+=+p%28.05%29%282%29
700+=+0.1p
7000+=+p

The amount deposited was 7000 naira.