Question

If you would like to make $2483 in 8 years, how much would you have to deposit in an account that pays simple interest of 8%? I really need help and would also seriously benefit if you could explain formula for it as well​

Answer 1

2483 in 8yrs means you multiply the two first

2483

× 8

_____

19864

so 8% of 19864

you have to divide the number by the percentage

o. 8÷ 19864= 2483