SOLUTION: If I wanted to deposit money into my bank account that earns 4.25% simple interest. How much should I deposit so that I earn $3200 after 4.5yrs. I don't understand how to put that
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Question 984990: If I wanted to deposit money into my bank account that earns 4.25% simple interest. How much should I deposit so that I earn $3200 after 4.5yrs. I don't understand how to put that into I=prt formula. Can you please help me and thank you in advance. Answer by solver91311(24713) (Show Source):
is the amount of interest earned when the principal amount of the investment is , the interest rate is (expressed as a decimal) and the number of time periods (years in this case) that comprise the duration of the investment.
$3200 is the interest amount you want to earn on an Principal amount when and . Just plug the numbers into the appropriate places and solve for the value of
John
My calculator said it, I believe it, that settles it
