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You want to put some money into a simple interest account. It pays 5% interest annually for 4 years. You would like to earn $600 in interest. How much money do you need to put in?
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1 vote
You want to put some money into a simple interest account. It pays 5% interest annually for 4 years. You would like to earn $600 in interest. How much money do you need to put in?

User Ionoy
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1 Answer

2 votes
I = PRT

600 = P(0.05)(4)

600 = P(0.2)

P = 3,000

So you have to put in $3,000
User Drmarvelous
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