The simple interest formula i equals p times r times t gives the interest earned on an investment of p dollars at interest rate r for a time of t years. how much does hector need to invest at a rate of 2% in order to earn $25 interest in 3 years?
1 answer:
Assuming continuously compounding interest:
A = Pe^(rt)
A = Pe(0.02)(3)
A = P(1.062)
P would be about $417:
A = (417)(1.062) = $442.85
$442.85 - $417 = $25.85
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