I wish to have $10,000 at the end of 8 yers in a bank offering a simple interest rate of 7.5% per year. How much should I deposi
1 answer:
Answer:
You have to invest $6,250
Step-by-step explanation:
very simple applying the simple interest formula which is
Given data
A, final amount = $10,000
P, initial principal balance= ?
r, annual interest rate = 7.5%
t, time (in years)= 8 years
we can substitute our given data to find the principal needed.
Divide both sides by 1.6 we have
P= $6,250
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