SOLUTION: You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?

SOLUTION: You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?

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Question 1026457: You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
500=P*0.08*2
500/0.16=P
P=3125
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