Question

How much would you need to deposit in an account now in order to have $3,000.00 in the account in 1607 days?

Assume the account earns 3% simple interest.

You would need to deposit_____ in your account now.

Answer 1

$ 2649.98

Explanation:

1607 days = 1607/365 yrs

3000 = (deposit) + deposit * i * 1607/365 where i = decimal interest 3000 = deposit ( 1 + .03 * 1607/365)

3000/(1 + .03 * 1607/365) = deposit = $ 2649.98