carlena999 carlena999

01-02-2022
Mathematics

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How much money must you deposit in a simple interest account to earn $500 in interest in 5 years at 4% annual interest?

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jdoe0001 jdoe0001

01-02-2022

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\dotfill & \$500\\ P=\textit{original amount deposited}\\ r=rate\to 4\%\to \frac{4}{100}\dotfill &0.04\\ t=years\dotfill &5 \end{cases} \\\\\\ 500=P(0.04)(5)\implies \cfrac{500}{(0.04)(5)}=P\implies 2500=P[/tex]

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