Respuesta :
The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.
Explanation:
The given is,
Simple interest of 4.5 %
Earn $90 of interest for 8 months
Step:1
Formula to calculate the simple interest method,
[tex]F=P(1+iN)[/tex]...................................(1)
Where,
F - Future amount
P - Initial investment
i - Rate of interest
N - Number of years
From given,
i - 4.5%
Let, X - Initial investment, P = X
F = P + Interest amount
F = X + 90
From the equation (1),
[tex](X+90)=X(1+(0.045)(0.667))[/tex]
(∵ N = 8 months = [tex]\frac{8}{12}[/tex] = 0.667 year )
[tex](X+90)=X(1+(0.03))[/tex]
[tex](X+90)=X(10.03)[/tex]
[tex](X+90)=1.03 X[/tex]
[tex]90=1.03X-X[/tex]
[tex]90=0.03X[/tex]
[tex]= \frac{90}{0.03}[/tex]
= 3000
P = X = $ 3000
From the X value.
F = P + 90
= 3000 + 90
F = $ 3090
Result:
The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.
