Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $240 in interest aft
er 3 years. How much money should he deposit?
A. $50
B. $500
C. $3,840
D. $5,000
1 answer:
Answer:
D. $5,000
Step-by-step explanation:
The amount of money he should deposit is the principal.
The principal P can be gotten by
P = 100 I /RT
Where
I = interest
R = rate
T = Time
Given
I = $240
R = 1.6%
T = 3 yrs
P = 100 x 240 /1.6 x 3
Multiply through
= 24000/4.8
= $5000
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