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How much will you need to invest at 2.5% to have earned $900 in interest in 5 years

2 Answers

4 votes

Answer:

7200 is the principal

needed

User Mittmemo
by
8.4k points
1 vote

Answer:

we need $7200 to earn $900 in 5 years.

Explanation:

Simple Interest formula:
(PRT)/(100) .......where p is principal, r is rate of interest, t is time

Using the formula:


(p*2.5*5)/(100) =900


{p*2.5*5} =900*100


12.5p =90000


p = 90000/12.5


p=7200

User Superkinhluan
by
7.4k points

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