How much would you need to deposit in an investment account to earn $2949 simple interest in 6 months, assuming that the simple interest rate is 4%? Round your answer to the nearest dollar.

Databasex3

Databasex3

Answered question

2022-08-05

How much would you need to deposit in an investment account to earn $2949 simple interest in 6 months, assuming that the simple interest rate is 4%? Round your answer to the nearest dollar.

Answer & Explanation

Jason Petersen

Jason Petersen

Beginner2022-08-06Added 13 answers

Step 1
Simple interest I = P T R 100 ; P = P r i n c i p a l T = 6 m o n t h s = 0.5 y e a r s R = 4 % 2949 = P ( 0.5 ) ( 4 ) 100
P = 2949 × 100 4 ( 0.5 ) = 2949 × 50
Step 2
P = 147450
Amount to be invested to earn an Interest of $ 2949 = $ 147450

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