Answer:
$1250
Step-by-step explanation:
Given data
Rate= 8%
Time= 8years
Simple interest= $800
Required
The principal P
We know that the expression for simple interest is given as
SI=PRT/100
substitute
800= P*8*8/100
cross multiply
800*100= 64P
80000=64P
divide both sides by 64
P= 80000/64
P=$1250
Hence the initial deposit was $1250
