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sdas [7]
3 years ago
10

bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly 128 interest in 2 ye

ars how much money should he deposite
Mathematics
1 answer:
mina [271]3 years ago
7 0
The formula for simple interest is <em>I</em> = <em>prt</em>, where <em>I </em>is the amount of interest, <em>p</em> is the principal invested, <em>r</em> is the rate as a decimal number and <em>t</em> is the amount of time.  Substituting our given information we have
128 = <em>p</em>(0.016)(2) ----- 1.6% = 1.6/100 = 0.016
128 = <em>p</em>(0.032)
Divide both sides by 0.032:
128/0.032 = <em>p</em>(0.032)/0.032
4000 = <em>p</em>
He needs to invest $4000.
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