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Simple interest is given by the formula A = P + Prt. Where A is the balance of the

account after t years, and P is the starting principal invested at an annual percentage rate

of r, expressed as a decimal.

Noah is investing money into a savings account that pays 3% simple interest, and plans

to leave it there for 10 years. Determine what Noah needs to deposit now in order to

have a balance of $20,000 in his savings account after 10 years.

Noah will have to invest $

now in order to have a balance of

$20,000 in his savings account after 10 years. Round your answer to the nearest dollar.

User Mmeyer
by
7.5k points

2 Answers

4 votes

Answer:

$645.20

Explanation:

User Peedi
by
8.5k points
3 votes

Answer:

$10,679

Explanation:

User Pinei
by
8.3k points

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