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venmic
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Exactly one year ago, Ray put his money into a savings account that yi 11 Sep 2012, 22:48
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79% (01:13) correct 21% (01:27) wrong based on 212 sessions

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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?

A. 350
B. 1400
C. 2800
D. 3000
E. 3500
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Exactly one year ago, Ray put his money into a savings account that yi 12 Sep 2012, 00:58
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venmic
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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\(x*\frac{0.8}{100}=28\) --> \(x=3,500\).
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Exactly one year ago, Ray put his money into a savings account that yi 12 Sep 2012, 01:09
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venmic
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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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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Exactly one year ago, Ray put his money into a savings account that yi 12 Sep 2012, 10:06
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venmic
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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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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Exactly one year ago, Ray put his money into a savings account that yi 28 Apr 2020, 07:54
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venmic
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?



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

Bunuel pleas help
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Given: Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest.

Asked: If he has earned a profit of $28, how much did he originally deposit?

Let the money Ray originally deposited by x

.008x = $28
x = 28/.008 = 28000/8 = $3500

The money Ray originally deposited = $3500
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Exactly one year ago, Ray put his money into a savings account that yi 02 Jan 2023, 07:09
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Another way to approach this can be:

x + 0.8x/100 = x + 28
0.8x = 2800
x = 3500
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Exactly one year ago, Ray put his money into a savings account that yi 11 May 2024, 04:59
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