Category: Reference, Education and News
Asked by: cindyb-ga
List Price: $2.00
08 Nov 2002 07:08 PST
Expires: 08 Dec 2002 07:08 PST
Question ID: 102680
A man goes in the bank and set up an account with a 9.5% annual interest. At the end of the year, his account has earned $475.00. What was the amount he originally deposit?
Answered By: johnny_phoenix-ga on 08 Nov 2002 08:02 PST
Hello cindyb I note what omnivorous says but since your question states that the interest has 9.5% annual interest, I would take it at face value that the interest is paid annually. Therefore in order to work out the figure we need to know what figure $475.00 is actually 9.5% of. $475 divided by 9.5% = $5000.00. $5000.00 was the initial sum invested Working out *********** 9.5% = 0.095, i.e. 9.5 divided by 100. 475 divided by 0.095 = 5000 Checking ******** If we invested $5000.00 in an account with 9.5% annual interest, what interest would we have after one year. $5000 * 0.095 = $475.00 I hope this is sufficient and helps you to understand the workings out for future questions of this nature. Johnny Phoenix
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