How much should you invest at 5% simple interest in order to earn $100 interest in 12 months?
1 answer:
Answer:
You should invest $2000 at 5% simple interest in order to earn $100 interest in 12 months.
Step-by-step explanation:
Using the formula
where
I = Interest earned
P = The principal (let say in $)
r = The Interest Rate
t = time
Given that
- I = $100
- r = 5%
- t = 12 month = 1 year
- P = The principal amount needed to invest (let say in $)
Thus,
100 = P × 5% × 1
100 = P × 5/100 × 1
100 × 100 = P × 5
10000 = P × 5
P = 10000/5
= 2000 (let say in $)
Thus, you should invest $2000 at 5% simple interest in order to earn $100 interest in 12 months.
You might be interested in
Answer:
there are more magnets that longer than 2 1/2
Step-by-step explanation:
I think your question is missed of key information, allow me to add in and hope it will fit the original one.
Please have a look at the attached photo.
My answer:
From the photo, we can see that:
Length of the magnet:
- 1 inch there is 1 magnet
inches there are 2 magnets
- 2 inches there are 3 magnets
- 3 inches there are 4 magnets
there is 1 magnet
- 4 inches there are 2 magnets
=> the total number of magnets that longer than 2 1/2 are: 4+1+2 = 7
=> the total number of magnets that shorter than 2 1/2 are: 1+2+3 = 6
Hence, there are more magnets that longer than 2 1/2
Hope it will find you well.
