Answer:
Tony's deposit was $800.
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=3\ years\\ I=\$40.80\\r=1.7\%=1.7/100=0.017[/tex]
substitute in the formula above
[tex]40.80=P(0.017*3)[/tex]
[tex]P=40.80/(0.017*3)[/tex]
[tex]P=\$800[/tex]
