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You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?…

You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?…
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3 votes
You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?

asked
User Jagtesh Chadha
by
8.4k points

1 Answer

3 votes
500=P*0.08*2
500/0.16=P
P=3125
answered
User Rashidnk
by
8.4k points
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