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.