Question

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 11%. After 13 years, the interest earned on the account is $5720. How much money did Mike's grandmother deposit into the account?
Ms. Sue
I = PRT

5720 = P * 0.11 * 13

5720 = 1.43P

4,000 = P

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 4%. After 13 years, the interest earned on the account was $2,080. How much money did Mike's grandmother deposit in the account?

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