SOLUTION: How much should you invest now at 4 1/2% simple annual interest in order to earn $180 interest in 8 months?

Question 1063255: How much should you invest now at 4 1/2% simple annual interest in order to earn $180 interest in 8 months?

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How much should you invest now at 4 1/2% simple annual interest in order to earn $180 interest in 8 months?
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I = P*r*t
180 = P*0.045*(8/12)
180 = P*0.045*(2/3)
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0.045P = (3/2)180
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0.045P = 270
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P = $6000.00
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Cheers,
Stan H.
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