Question

In five years, Gloria’s bank account earned $2,400 interest at 5% simple interest. How much had she deposited in the account?

Short answer

Gloria deposit $9600 in the account.

Step-by-step solution

Step 1. Given information

Interest$I=\$2400$

$R=5\%$

$t=5years$

Step 2. Finding Principal

$$\begin{gathered} I=Prt \\ 2400=P\times \frac{5}{100}\times 5 \\ P=\frac{2400\times 100}{25}=9600 \end{gathered}$$