SOLUTION: How much must be placed in a five months term deposit earning 4.4 simple interest in order to earn $480 interest?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: How much must be placed in a five months term deposit earning 4.4 simple interest in order to earn $480 interest?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1049520: How much must be placed in a five months term deposit earning 4.4 simple interest in order to earn $480 interest?
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
If money earning 4.4% simple interest is placed on deposit for 5 months, then the money has earned:
5/12 x .044=0.018333333 , or 1.83333333%
480/.01833333333=$26181.82 as the initial deposit. ☺☺☺☺