SOLUTION: how much money would have had to be invested to earn $436 simple interest at 1 percent for 2 years

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Question 878660: how much money would have had to be invested to earn $436 simple interest at 1 percent for 2 years
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
I = P*r*t


436 = P*0.01*2


436 = P*0.02


436/0.02 = P


21,800 = P


P = 21,800


You need to invest $21,800