Question

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $192 in interest after 3 years. How much money should he deposit?

Answer 1

4000

Explanation:

192/3

so 64$ per year intrest.

then 64 is 1.6% of what?

its 4000

Answer 2

I = Prt
$192 = P*.016*3
$192/.048 = P = $4000

Bert should deposit $4000 to reach his interest goal.