Gene paid a deposit on a leased car. the deposit earns 2.8 percent simple annual interest. at the end of the year, the interest that is earned is $22.40. what was the amount of the original deposit?

$800.

Step-by-step explanation:

We have been given that Gene's deposit earns 2.8 percent simple annual interest. At the end of the year, the interest that is earned is $22.40. We are asked to find the amount of original deposit.

To find the original amount of deposit, we use simple interest formula:

, where,

I = Amount of interest,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Let us convert our given interest rate in decimal form.

Upon substituting our given values in above formula, we will get:

Therefore, the amount of original deposit was $800.

25

step-by-step explanation:

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