SOLUTION:
Charlie wants to buy a $1000 TV in 6 months. How much should he invest now at 3% simple interest to have the money in 6 months?
Algebra.Com
Question 744675:
Charlie wants to buy a $1000 TV in 6 months. How much should he invest now at 3% simple interest to have the money in 6 months?
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
P(1+R)^T
R=.03/2 (3% FOR 6 MO.)
T=.5 (6 MO.)
X(1+.03/2)^.5=1,000
X(1+.015)^.5=1,000
X(1.015)^.5=1,000
1.0124X=1,000
X=1,000/1.0124
X=$987.75 NEEDS TO BE INVESTED.
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