Answer:
Yes , you are correct, the answer to the question is $810
Step-by-step explanation:
From the question above, the simple interest is given to be $38.88, the time is given to be 3 and the rate is 1.6%, we are to find the money she deposited, that means we are to look for the principal.
To solve this question, we will simple use the simple interest formula;
Simple Interest = P×R×T / 100
Where P =principal
R=Rate
T=Time (given in years)
We can now substitute our values into the formula;
Simple Interest = P×R×T / 100
$38.88 =P ×1.6×3 / 100
$38.88 = 4.8P / 100
Cross multiply
4.8P =$3888
Divide both-side of the equation by 4.8
4.8P/4.8 = $3888/4.8
P = $810
Principal is $810
Therefore, this implies the amount she deposited is $810
