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Exactly one year ago, Ray put his money into a

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Exactly one year ago, Ray put his money into a [#permalink] New post 11 Sep 2012, 21:48
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Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help
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Re: Exactly one year ago, Ray put his money into a [#permalink] New post 11 Sep 2012, 23:58
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venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help


x*\frac{0.8}{100}=28 --> x=3,500.
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Re: Exactly one year ago, Ray put his money into a [#permalink] New post 12 Sep 2012, 00:09
venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help


Just divie 28*100/0.8 this will give you 3500.
Simple Interest = P*R*T/100
over here P is unknown
T is 1 year
Simple Interest is 28.
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Re: Exactly one year ago, Ray put his money into a [#permalink] New post 12 Sep 2012, 09:06
venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit?


3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help



There is problem in the question statement. Normally we call this earning "Interest", not "Profit". If you consider 'interest' then the question becomes logical.
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Re: Exactly one year ago, Ray put his money into a   [#permalink] 12 Sep 2012, 09:06
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