SOLUTION: Bill wants to deposit money into a bank account that earns 3.25% simple interest. Use the formula I=prt to find the amount of money that he should deposit so that he earns $3800 af

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Question 1045665: Bill wants to deposit money into a bank account that earns 3.25% simple interest. Use the formula I=prt to find the amount of money that he should deposit so that he earns $3800 after 4.5 years. Round your answer to the nearest whole dollar.
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+p+ is the amount he should deposit,
so solve for +p+
+I+=+3800+
+t+=+4.5+
+r+=+.0325+
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+I+=+p%2Ar%2At+
+3800+=+p%2A.0325%2A4.5+
+3800+=+.14625p+
+p+=+25982.906+
He must deposit $25,983
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check answer:
+I+=+p%2Ar%2At+
+3800+=+25983%2A.0325%2A4.5+
+38900+=+3800.01+
OK