When signing the lease for her new apartment, tanya paid a security deposit that earned 4% simple annual interest. at the end of a year, the interest earned on the security deposit was $17.50. how much was the security deposit?

$437.50

Step-by-step explanation:

Let P represent the security deposit.

We have been given that when signing the lease for her new apartment, Tanya paid a security deposit that earned 4% simple annual interest. at the end of a year, the interest earned on the security deposit was $17.50.

, where,

I = Amount of interest,

P = Principal,

r = Annual interest rate in decimal form,

t = Time in years.

Therefore, the security deposit was $437.50.