whiteharelied whiteharelied
  • 11-11-2020
  • Mathematics
contestada

You wish to have $500 in a year. If you have a savings account that pays 6% simple interest, how much do you need to put into the account?

Respuesta :

quasarJose
quasarJose quasarJose
  • 11-11-2020

Answer:

$8333.3

Step-by-step explanation:

The problem here is to find the principal that will yield an interest of $500 in a year at a rate of 6%.

   Interest  = [tex]\frac{PRT}{100}[/tex]  

P is the principal

R is the rate

T is the time

The time is 1 year;

      500  = [tex]\frac{P x 6 x 1}{100}[/tex]

           6P = 50000

             P  = [tex]\frac{50000}{6}[/tex]   = $8333.3

Answer Link

Otras preguntas

Identify the like terms: 5x, 6, 8yz, -2w
The primary purpose of sentences 4 and 5 of the second paragraph (“Among . . . actually are”) in the speaker’s line of reasoning is to
The cross-fertilization of two different, but true-breeding, varieties of pea plants will _____.
2. What do Martin's friends think about Grandpa when they meet him in “The Medicine Bag"?
3. Briefly explain the conduction mechanism in metals?​
Can someone help me with this? I’m not sure if it’s right…
How was the economy of the “New South” different from the South's pre-Civil War economy?
HELP Brainleist and 15 points
What would a social psychologist be most likely to study?.
Help me please.Thank you. Find the value of the function with the given value. f(a)= -2a^4+11a^3+5a^2+42 at a=6