Question

Edwin deposited money into a savings account that pays a simple annual interest rate of 1.4%. He earned $24.50 in interest after 5 years.

How much did he deposit?

Answer 1

Let's call that amount he deposited y
interest in one year = 1.4% * y, in five: 5(1.4% * y)

And that equals 24.50. So,
5(1.4% * y) = 24.50

Can you try and solve for y?

Answer 2

y=350

Answer 3

good! you have to add the dollar sign, don't forget; just 350 is meaningless.