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21 March, 03:38

Jeremy deposited money into a savings account that pays a simple annual interest rate of 1.6%. He earned $55.04 in interest after 4 years. How much did he deposit?

A. $860

B. $1376

C. $2976

D. $3440

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Answers (1)
  1. 21 March, 04:01
    0
    Answer: A

    Calculation

    (4) * (0.016) = 4 years of interest = 0.064

    $55.04 / 0.064 = $860
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