Reece made a deposite into an account that earns 8% simple interest. After 8 years reece has earned

Reece made a deposite into an account that earns 8% simple interest. After 8 years Reece has earned 400 dollars. How much was Reece's initial deposit?

Simple interest formula:
A = P(1 + it) where P is the amount of principal to be invested, i is the interest rate, t is the time, and A is the amount accumulated with interest.

Plugging in our numbers, we get:
400 = P(1 + 0.08(8))
400 = P(1 + 0.64)
400 = 1.64P

1.64P = 400
Typing this problem into our search engine, we get:
P = $243.90