Rebecca Wright earned $115 in simple interest for 8 months at an annual interest rate of 5%. A. What formula would you use to find out how much money she invested? B. Set up a formula and solve to find out the amount initially invested.
1 Answer
Jan 17, 2018
Identify key points in a question. Determine where you need to go with your solution (target). Ask yourself; how can I use what I have got to get to my target.
Explanation:
Let the principle sum (initial deposit) be
8 months is
Interest for 1 years is
However, we are told that