Question

If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?

Answer 1

I=PRT

I=interest
P=amont to leave
r=rate in decimal
t=time in years
given

I=10
P=?
r=0.03%=0.0003
t=1

10=?(0.0003)(1)
10=?(0.0003)
divide both sides by 0.003
333333.3333333333=?

should leave about $33333.33