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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?
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2 votes
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?

User Martijn Van Wezel
by
7.8k points

2 Answers

2 votes
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
User Nifriz
by
8.1k points
4 votes
x*0.08=60. x=750 dollars
User Oswin
by
8.0k points
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