Question

A saving account pays a 3% simple annual interest rate. How much must you put in the saving account to earn $100 in interest in 6 months?

HELP PlS

Answer 1

Explanation:

Solution

Interest =100

Rate=3•/•

Time =0.5

principal =?

Now

p=I×100÷T×R

p=100×100÷0.5×3

P= 10000÷1.5

P=6666.66