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Sagot :
The amount of money that was deposited by Aviva into her bank account is $4,000.
Given the following data:
- Interest rate = 4% = 0.04.
- Simple interest = $240.
- Time = 18 months.
Conversion:
12 months = 1 year.
18 months = 1.5 year.
To determine the amount of money that was deposited by Aviva into her bank account:
How to calculate simple interest.
Mathematically, simple interest is given by this formula:
[tex]I=PRT[/tex]
Where:
- S.I is the simple interest.
- P is the principal or starting amount.
- R is the interest rate.
- T is the time measured in years.
Substituting the given parameters into the formula, we have;
[tex]240=P \times 0.04 \times 1.5\\\\240=0.06P\\\\P=\frac{240}{0.06}[/tex]
P = $4,000.
Read more on simple interest here: brainly.com/question/24341207
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