Question

Tara's bank account contains $250.00. She made only one deposit exactly one year ago. The bank account pays a simple interest rate of 8%. How much money did Tara deposit in the account one year ago?

Answer 1

1.08x = 250
x = 250/1.08
x = ?

Answer 2

250=x-.08x

250=(1-.08)x
250/(1-.08)=x
271.73=x

Answer 3

$20.00