Question 164260
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Remember: {{{I=PR}}}, working eqn
where: {{{I=interest}}}; {{{P=principal}}}; {{{R=rate}}}
We'll get the {{{Rate}}} first accdg. to 1st scenario:
Via working eqn,
{{{96=1200(R)}}}
{{{R=96/1200}}}*100%
R=8%
So,
For the 2nd scenario:
{{{128=P(0.08)}}}
{{{P=128/0.08=1600}}}, Total amount needed
Therefore, {{{1600-1200=highlight(400)}}}, ANSWER. Additional money needed to have interest total of $128 per year
Thank you,
Jojo</pre>