Question

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $144 in interest after 3 years. How much money should he deposit?

Answer 1

`I=PRT`
144=(x)(0.016)(3)
144=0.048x
x =3000

Therefore Bert will need to invest $3000 to earn $144 on interest from a 1.6% rate for 3 years.

I hope this helps you.