Question 1014859: please help me to solve this equation------------------ How much must be placed in a five-month term deposit earning 4.5% simple interest in order to earn $510 interest? (Round your answer to the nearest cent.) Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! How much must be placed in a five-month term deposit earning 4.5% simple interest in order to earn $510 interest? (Round your answer to the nearest cent.)
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I = P*r*t
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510 = P*0.045*(5/12)
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P = 510/(0.045(5/12))
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P = 510/0.01875
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P = $27,200.00
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Cheers,
Stan H.
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