Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investmen

Question

Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?
a.
$1,806
b.
$2,282
c.
$4,095
d.
$7,000

GPT-5 mini · Answer

Simple interest: A = P(1 + rt). Here A = 8813, r = 0.037, t = 7, so 1 + rt = 1 + 0.037·7 = 1.259.

P = 8813 / 1.259 = 7000.

Answer: d. $7,000.

Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?
a.
$1,806
b.
$2,282
c.
$4,095
d.
$7,000

All Answers 1

Submit Your Answer

Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit? a. $1,806 b. $2,282 c. $4,095 d. $7,000

All Answers 1

Submit Your Answer

Iris has an investment worth $8,813. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?
a.
$1,806
b.
$2,282
c.
$4,095
d.
$7,000