Question

I especially need help in the formula and how to set these up, thank you.

1.) Reece made a deposit into an account that earns 8% simple interest. After 8 years, Reece had earned $400. How much was Reece's initial deposit?

2.) Jude deposited $550 into an account that earns simple interest, and after 11 years, the interest in the account was $484. What was the simple interest rate?

Answer 1

8 • 8 = 64%

400 • 64% = 256
400 - 256 = 144

Reece’s initial deposit was $144.
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#2 Is weird due to the fact that it declined but we will solve it anyways.

$66 lost after 11 years.

66 / 11 = $6 lost per year

6 • 100 / 550 = -1.09% negative simple interest rate per year.

Answer 2

Question 2: Jude deposited $550 into an account that

earns simple interest, and after 11 years, the

interest in the account was $484. What was

the simple interest?

Question 2 and answer: step-by-step explanation: interest = 484

Question 1 and answer:

Simple interest formula:

A = P(1 + it) where P is the amount of principal to be invested, i is the interest rate, t is the time, and A is the amount accumulated with interest.

Plugging in our numbers, we get:

400 = P(1 + 0.08(8))

400 = P(1 + 0.64)

400 = 1.64P

1.64P = 400

P = $243.90

There you go everyone hop this was a better Answer for you guys Enjoy!