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 i
n interest. How much money do you need to put in?
2 answers:
I = PRT
500 = P x 0.08 x 2
500 = P x 0.16
(Divide both sides by 0.16)
P = 500/0.16
Principle = 3,125
Rate p.a. = 8%
Time = 2 years
SI = $ 500
Principal = ??
Principal = SI*100/ R*T
= 500*100/8*2
= 50000/16
= $ 3125
Therefore, the amount you put in is $ 3125
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