SOLUTION: in 6 months you want to have 7000 worth of remodeling done to your home how much should you invest at 9 percent simple interest to have enough money for the project round up to the

Question 587496: in 6 months you want to have 7000 worth of remodeling done to your home how much should you invest at 9 percent simple interest to have enough money for the project round up to the nearest 10th
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
in 6 months you want to have 7000 worth of remodeling done to your home how much should you invest at 9 percent simple interest to have enough money for the project round up to the nearest 10th
------------------------------
A(t) = P(1+rt)
-----
7000 = P(1+0.09(1/2))
------
7000 = P(1.045)
----
P = 7000/1.045
P = $6,698.56
===============
Cheers,
Stan H.
RELATED QUESTIONS
in 6 months you want to have $7000 worth of remodeling done to your home how much should... (answered by rfer,MathTherapy)

How much should you invest at 4% for 22 months to have $7000 at the end of that period?... (answered by ikleyn)

Please help me solve this word problem about simple interest: How much should you... (answered by ikleyn)

How much should you invest at 3.6% simple interest in order to earn $65 interest in 15... (answered by ewatrrr)

How much money in dollars should a person deposit in a 6-months certificate of deposit CD (answered by ankor@dixie-net.com)

How much should you invest at 2.1% simple interest in order to earn $55 interest in 12... (answered by solve_for_x)

How much should you invest at 4.4% simple interest in order to earn $85 interest in 11... (answered by Boreal)

How much should you invest at 4.5% simple interest in order to earn $90 interest in 18... (answered by ikleyn)