Keegan makes a deposit into her savings account at the beginning of the year. The account earns 3% simple interest each year. She has $360.50 in her account at the end of the year. If Keegan did not make any additional deposits or withdrawals during the year, ho much did she deposit into the account at the beginning of the year? $10.82 $277.31 $350.00 $371.32

Question

Keegan makes a deposit into her savings account at the beginning of the year. The account earns  3% simple interest each year. She has  $360.50 in her account at the end of the year. If Keegan did not make any additional deposits or withdrawals during the year, ho much did she deposit into the account at the beginning of the year?  $10.82  $277.31  $350.00  $371.32

Bytelearn · Accepted Answer

Understand the problem: Understand the problem. Keegan's account balance at the end of the year is $360.50, and this includes the interest earned at a rate of 3% simple interest. We need to find out the initial deposit amount, assuming no other transactions occurred.Calculate interest earned: Calculate the interest earned during the year. Since the account balance at the end of the year includes the interest, we can calculate the interest by taking 3% of the initial deposit. Let's denote the initial deposit as ＂P＂. Interest earned = P * (3/100)Express final balance: Express the final account balance in terms of the initial deposit and interest earned. The final account balance is the sum of the initial deposit and the interest earned. $360.50 = P + (P * (3/100))Simplify equation: Simplify the equation to solve for P. $360.50 = P + (0.03 * P) $360.50 = P * (1 + 0.03) $360.50 = P * 1.03Isolate initial deposit: Isolate P to find the initial deposit. P = $360.50 / 1.03 P ≈ $350.00

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