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How much money must Nate deposit in a savings account that pays 4% simple annual interest to earn $50 the first year?

How much money must Nate deposit in a savings account that pays 4% simple annual interest to earn $50 the first year?
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How much money must Nate deposit in a savings account that pays 4% simple annual interest to earn $50 the first year?

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User Sharjeel
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1 Answer

5 votes
Use a calculator and divide 1.04 because 4\100 = 104= 1.04x 50 but just divide it on the calculator like this→ 1.04 ÷ 50
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User Tom Scogland
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