Question

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $144 in interest after 3 years. How much money should he deposit?

A.
$2,304
B.
$300
C.
$30
D.
$3,000

Answer 1

Answer: $ 3,000

Explanation:

I = PTR/100

144 = P X 3 X 1.6/100

14400 = 4.8P

14400/4.8 = P

Therefore P = 3000