Miko deposited some money in a fixed deposit account at a local bank.
The interest rate is 2% per year.
After one year, she received $240 interest.
How much money did she deposit at first?
The interest rate is 2% per year.
After one year, she received $240 interest.
How much money did she deposit at first?
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Answer:
to compute how much was her first deposit, divide 240 interest income by the interest rate.
$240/2% = 12,000
checking:
deposit 12,000
multiply by: interest rate 2%
Interest income 240