revor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investmen

Question

revor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?
a.
$2,524.50
b.
$4,024.03
c.
$4,250.00
d.
$11,404.88

GPT-5 mini · Answer

Simple interest: A = P(1 + rt). Here A = 6774.50, r = 0.027, t = 22 so 1 + rt = 1 + 0.027·22 = 1.594.

P = 6774.50 / 1.594 = 4250.00

Answer: c. $4,250.00

revor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?
a.
$2,524.50
b.
$4,024.03
c.
$4,250.00
d.
$11,404.88

All Answers 1

Submit Your Answer

revor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit? a. $2,524.50 b. $4,024.03 c. $4,250.00 d. $11,404.88

All Answers 1

Submit Your Answer

revor has an investment worth $6,774.50. He made his only deposit in it 22 years ago. Given that the investment yields 2.7% simple interest annually, how big was the initial deposit?
a.
$2,524.50
b.
$4,024.03
c.
$4,250.00
d.
$11,404.88