SOLUTION: Job needs $2000.00 by September 1, 1996 to pay for his tuition. If He 7% simple interest per annum,how much should he invest on February 1, 1996 in other to accumulate the amount r

Question 1178103: Job needs $2000.00 by September 1, 1996 to pay for his tuition. If He 7% simple interest per annum,how much should he invest on February 1, 1996 in other to accumulate the amount required?
Note: Show Principal, Rate and Time when solving
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=prt
principal is x, unknown
I=x*0.07*7/12, since it is 7 months
=0.0408x
that interest plus principal x=$2000
x+0.0408x=2000=1.0408x
x=$1921.53, which is the principal needed to deposit.

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