Answer:
The original deposited amount in the bank is $3500.
Step-by-step explanation:
Here. Let us assume the principal amount deposited in bank = $P
The rate of interest = 8%
Total Amount in the bank after time period = $4340
Time Period = 3 yrs
Now, SIMPLE INTEREST [tex]= \frac{P \times R \times T}{100}[/tex]
⇒ SI = [tex]SI = \frac{P \times 8 \times 3}{100} = 0.24P[/tex]
or Interest = 0.24 P
Now, AMOUNT = PRINCIPAL + INTEREST
⇒$4340 = P + 0.24 P
or, 4340 = 1.24 P
⇒ P = 1340 / 1.24 = 3500
Hence, the deposited amount in the bank for the duration of 3 years and interest rate 8% is $3500
