Question

How much should you put in an investment paying simple interest rate of 8% if you need 4000 in six months?

Answer 1

The amount you should put is 3846

How to determine the principal amount?

The given parameters are:

Amount, A = 4000

Rate, r = 8%

Time = 0.5 year i.e. 6 months

The amount on simple interest is calculated as:

A = P(1 + RT)

This gives

4000 = P * (1 + 8% * 0.5)

Evaluate the product

4000 = P * (1 + 0.04)

Evaluate the sum

4000 = P * (1.04)

Divide both sides by 1.04

P= 3846

Hence, the amount you should put is 3846

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