How much money must be deposited to earn $219 in simple interest in 8 years at an annual rate of 6.2%?

Question

asked Feb 15, 2021 38.2k views

1 Answer

Iyyappan Ravi · Answer 1 · 2021-02-20T08:09:37+0000

Answer: $1,147.20.

Explanation:

The total amount accrued for principal plus interest in the calculation simple interest

= principal * (1+ rate * number of years)

= $800 *(1+ 6.2% * 7)

= $1,147.20.

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