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21 May, 00:35

Vanessa deposited money into a bank account that earned 1.25% simple interest each year. After 1/2 year, she had earned $5.00 in interest on the account. If no other money was deposited into or withdrawn from the account, how much was her initial deposit

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  1. 21 May, 00:47
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    In order to figure this out we first have to divide the interest by 2 since it was only half a year.

    0.0125 : 2 = 0.00625

    We now divide the interest number 5 by 0.00625 to find the initial amount.

    5 : 0.00625 = 800

    To check this answer, multiply 800 by 0.00625.

    800 * 0.00625 = 5
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