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

If the wavelength of a wave stays the same and the speed doubles, what happens to the frequency of the wave?
A student bought a calculator and a textbook for a course in algebra. He told his friend that the total cost was $115 (without tax) and that the calculator cost
Help me please I’ll give Brainlest
HEKP PLEASE GOAIDVNL W{DKAIPNV A?? ?F"AW"F"AW FAOW\
(a) Define the following terms(i) Periodic Table(ii) Period on the Periodic-table(iii)Colum on the Periodic-Table​
Which of the following rational numbers can be multiplied by two and result in a number greater than two? A: 5/6 B:8/9 C:9/8 D: 11/12
Please explain step by step I dont get it.
For each journey between work and home, Toyin uses 1.2 gallons of petrol. Toyin has 34 litres of petrol in her car. How many complete journeys between work and
What is the value of 12(x + 5)?​
Question 2 (2 points) ✓ Saved What was the main criticism of the federal government in the wake of Hurricane Katrina?