Answer:
it would be 800 because 2.8% of 800 is 22.40 and that is your answer.
hope i helped :)
Answer:
$800.
Step-by-step explanation:
We have been given that Gene's deposit earns 2.8 percent simple annual interest. At the end of the year, the interest that is earned is $22.40. We are asked to find the amount of original deposit.
To find the original amount of deposit, we use simple interest formula:
[tex]I=Prt[/tex], where,
I = Amount of interest,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
Let us convert our given interest rate in decimal form.
[tex]2.8\%=\frac{2.8}{100}=0.028[/tex]
Upon substituting our given values in above formula, we will get:
[tex]\$22.40=P*0.028*1[/tex]
[tex]\$22.40=P*0.028[/tex]
[tex]\frac{\$22.40}{0.028}=\frac{P*0.028}{0.028}[/tex]
[tex]\$800=P[/tex]
Therefore, the amount of original deposit was $800.
