Question

Andrea wants to deposit money into a bank account that earns 4.5% simple interest. Use the formula l=Prt to find the ammount of money that she should deposit so that she earns $2800 after 4.5 years. Show and explain your work.

Answer 1

The formula is
I=prt
I interest earned 2800
P amount deposited. ?
R interest rate 0.045
T time 4.5 years
Solve the formula for p by dividing both sides by rt to get
P=I/rt
P=2,800÷(0.045×4.5)
P=13,827.16 round your answer to get 13827

Hope it helps!