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 8%. After 11 years, the interest earned on the account was $8,800. How much money did Mike's grandmother deposit in the account?

Answer 1

I = PRT

8,800 = P * 0.08 * 11

8,800 = 0.88P
10,000 = P