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IS MY ANSWER CORRECT? If you would like to make $1213 in 8 years, how much would you have to deposit in an account that pays simple interest of 5%? I=1213(.05)(8) I=388.16 Interest Earned is $388.16 1213+388.
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IS MY ANSWER CORRECT? If you would like to make $1213 in 8 years, how much would you have to deposit in an account that pays simple interest of 5%?

I=1213(.05)(8) I=388.16 Interest Earned is $388.16 1213+388.16=1601.16

User Ankur Bhutani
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you can use this formula A=p(1+tr),,1213=p(1+.05*8),,p=866.43
User Leejay Schmidt
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