SOLUTION: How much money would I need to invest for 8 years at 5 and half percent simple interest to earn k400.00?

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Question 1043837: How much money would I need to invest for 8 years at 5 and half percent simple interest to earn k400.00?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+P%2A%28+1+%2B+r%2At+%29+
+P+ is the amount you wouls have to invest
+A+=+P+%2B+P%2Ar%2At+
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The amount earned is the intyerest, +I+=+P%2Ar%2At+
+400+=+P%2A.085%2A8+
+P+=+400%2F.68+
+P+=+588.23+
$588.23 should be invested