Question 1065938
how much money must you deposit in a savings account that pays 3% simple interest rate to earn $100 in 3 years?
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Earn $100 means that's the interest.
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I = P*r*t
100 = P*0.03*3
P = 100/0.09
P = $1111.11
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You deposit that amount, and in 3 years you have $1211.11
Big whoop.