Question

Nate has an account that pays 2. 76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. How much money should Nate invest in this account to meet this goal? a. $1,279. 26 b. $4,369. 26 c. $4,373. 77 d. $7,463. 77.

Answer 1

We have given that,

interest rate = 2.76%

simple interest = 3,090

term = 15 years

What is the principle of simple interest?

$Simple Interest = Principal * interest rate * term$

$3,090 = Principal * .0276 * 15\\3,090 = Principal * 0.414\\3,090 / 0.414 = Principal\\7,463.77 = Principal$

Therefore,Nate should invest 7,463.77 to meet his goal.

To learn more about the simple  interest visit:

brainly.com/question/25793394