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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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2 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 Artur Stepniewski
by
8.0k points

1 Answer

3 votes
P=i/rt
P=500/(0.08*2)
P=3,125
answered
User GS Nayma
by
8.2k points
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