SOLUTION: How much do you need to invest in order to earn $10000 if you have been offered 3% for 2 years?

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Question 1124465: How much do you need to invest in order to earn $10000 if you have been offered 3% for 2 years?
Answer by josgarithmetic(39623) About Me  (Show Source):
You can put this solution on YOUR website!
Ignoring any compounding inside the year periods,
p%2A0.03%2Bp%2A%281.03%29%2A0.03=10000
%280.03p%29%281%2B1.03%29=10000
0.03p=10000%2F2.03
p=10000%2F%282.03%2A0.03%29
highlight_green%28p=164204%29, approximately

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check:
164000*0.03=4920;
(164000+4920)*0.03=5068;
total interest, 9988
close-enough