SOLUTION: How much must be placed in a five-month term deposit earning 4.6% simple interest in order to earn $510 interest?

SOLUTION: How much must be placed in a five-month term deposit earning 4.6% simple interest in order to earn $510 interest?

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Question 902430: How much must be placed in a five-month term deposit earning 4.6% simple interest in order to earn $510 interest?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
5 months = 5/12 years

I = P*r*t

510 = P*0.046*(5/12)

510 = P*0.0191667

510/0.0191667 = P

26,608.649376262 = P

P = 26,608.649376262

P = 26,608.65

You have to deposit $26,608.65 into the account
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