Question

Samson opened a bank account with 1.25% simple interest. The total amount of interest Samson will earn after 20 years is $812.50. How much did Samson deposit when he opened the account?
answer choices
$3,250
$325
$32,500
$32.50

Answer 1

Samson opened the account with a deposit of $3250.

Samson's earnings after 20 years will be $812.50.

1.25% simple interest

The basic interest calculation is:

Calculating future interest looks like this: principal*(years*interest rate) To account for the 1.25% interest rate, don't forget to include 0.0125. (rather than directly as 1.25)

812.50 = x(0.0125*20)

812.5 = x(0.25)\sx = $3250

This shows that Samson deposited $3250 to open the account.

The straightforward interest calculation makes figuring out how much interest will be applied to a loan quick and uncomplicated. Multiply the principle, the number of days between payments, and the daily interest rate to get simple interest.

To know more about simple interest, click the below link

https://brainly.com/question/25845758

#SPJ4