Question

Nate has an account that pays 2.76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. How much money should Nate invest in this account to meet his goal?

Answer 1

A = P(1 + rt)
we are to find A. the future value. Lets put in the values.
3090=P(1+.0276)
p=3007$