Question

june has a savings account with an annual simple intrest rate of 2.6% she hopes to gain $6,500. in interest over a period of eleven years how much money should June invest

Answer 1

To solve this, let's use the variable 'x' to represent the money invested:

11(0.026(x)) = 6500

0.286x = 6500

Divide:

x = 227272.7272...

We can round up:

x = 227272.73

June has to invest $227272.73