SOLUTION: Andrea wants to deposit money into a bank account that earns 3% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $3800 after 4

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Question 676559: Andrea wants to deposit money into a bank account that earns 3% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $3800 after 4.5 years. Show and explain your work.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Andrea wants to deposit money into a bank account that earns 3% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $3800 after 4.5 years. Show and explain your work.
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I = Prt
3800 = P*0.03*4.5
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3800 = P*0.135
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P = $28,145.15
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Cheers,
Stan H.
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