Question

Safe side bank pays an interest rate of 8% per year on certificate accounts. How much money must be put intoo an account ot earn $60 in one year?

Answer 1

simple interest assuming

I=PRT
P=amount put in
r=rate
t=time in years
60=I for now
60=P(0.08)(1)
divide both sides by 0.08
750=P

should put $750

Answer 2

x*0.08=60. x=750 dollars