SOLUTION: How much money would I need to invest for 8 years at 5 1/2% simple interest to earn k400.00?
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Question 1025789: How much money would I need to invest for 8 years at 5 1/2% simple interest to earn k400.00?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Simple interest is found by
I = Prt
Here we are looking for the principal P, so that
P = I/rt = 400/(.055)(8) = k909.09
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