Answer:
$2000
Step-by-step explanation:
The formula for simple interest is:
[tex]i=Prt[/tex]
Where
i is the interest earned
P is the initial deposit
r is the rate of interest (in decimal)
t is the time
Now, in the problem, it is given:
i = 480
r = 4% = 4/100 = 0.04
t = 6
Now, we substitute and find the value of P (initial deposit):
[tex]i=Prt\\480=P(0.04)(6)\\480=P(0.24)\\P=\frac{480}{0.24}\\P=2000[/tex]
Hence, the initial deposit was $2000
