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Answered

(Simple interest, compound interest)

Mr. Dela Cruz earned 2,445.50 in his savings account for 5 months at 8% simple annual interest. How much is the original savings of Mr. dela cruz?

ty in advance​

Sagot :

LEAKHELPSGO

Answer:

2366.61

Step-by-step explanation:

Where :

r = rate in decimal

P = principal amount

r = 8/100 = 0.08

5/12 months = 0.416667 years

P = 2445.5/( 1 + (0.08*0.416667))

= 2366.61

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