SOLUTION: How much must be placed in a five-month term deposit earning 4.4% simple interest in order to earn $500 interest? (Round your answer to the nearest cent.) please solve this..

SOLUTION: How much must be placed in a five-month term deposit earning 4.4% simple interest in order to earn $500 interest? (Round your answer to the nearest cent.) please solve this..

Algebra.Com

Question 1015629: How much must be placed in a five-month term deposit earning 4.4% simple interest in order to earn $500 interest? (Round your answer to the nearest cent.)
please solve this..
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
For simple interest, we use
I = prt
Here we are looking for the principal, p. So
p = I / rt = 500 / (.044)(5/12) = $27272.73
RELATED QUESTIONS
How much must be placed in a five-month term deposit earning 4.3% simple interest in... (answered by ewatrrr)

How much must be placed in a five-month term deposit earning 4.6% simple interest in... (answered by jim_thompson5910)

please help me to solve this equation------------------ (answered by stanbon)

How much must be placed in a five months term deposit earning 4.4 simple interest in... (answered by jorel555)

You deposit $500 each month into an account earning 2% interest compounded monthly. How... (answered by Boreal)

You deposit $500 each month in an account earning 8% interest compounded monthly. How... (answered by Theo)

You deposit $300at the end of each month into an account earning 8% interest... (answered by ikleyn)

You deposit $500 into an account earning 3% interest compounded monthly. a) How much... (answered by ewatrrr)

How much should you invest at 3.4% simple interest in order to earn $50 interest in 10... (answered by MathLover1)