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Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $144 in interest after 3 years. How much money should he deposit?
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Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $144 in interest after 3 years. How much money should he deposit?

User Nrdxp
by
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1 Answer

5 votes

I=PRT
144=(x)(0.016)(3)
144=0.048x
x =3000

Therefore Bert will need to invest $3000 to earn $144 on interest from a 1.6% rate for 3 years.

I hope this helps you.
User Manni
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