SOLUTION: How much must be placed in a five-month term deposit earning 4.4% simple interest in order to earn $500 interest? (Round your answer to the nearest cent.)
please solve this..
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Question 1015629: How much must be placed in a five-month term deposit earning 4.4% simple interest in order to earn $500 interest? (Round your answer to the nearest cent.)
please solve this.. Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! For simple interest, we use
I = prt
Here we are looking for the principal, p. So
p = I / rt = 500 / (.044)(5/12) = $27272.73
