SOLUTION: John wants to have an interest income of $3000 a year. How much must he invest for one year at 8%?

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Question 697154: John wants to have an interest income of $3000 a year. How much must he invest for one year at 8%?
Answer by god2012(113) About Me  (Show Source):
You can put this solution on YOUR website!
Given :
Interest Amount per year = $3000
Rate of interest = 8% p.a.
To find : Principal = ?
We know that , I+=+P%2AT%2AR%2F100
or P+=+%28100%2AI%29%2F%28T%2AR%29
P+=+%28100%2A3000%29%2F%281%2A8%29
P = $37500