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March 24, 2017

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Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $128 interest after 2 years. How much money should he deposit?

Pls help me!

  • math - ,

    0.016x = 64
    x = $4,000.

  • math - ,

    pls explain further so I can understand

  • math - ,

    You need to earn half of $128 a year. So, you'll need to earn $64 a year.

    Let x = the amount of money he should deposit. The account earns 1.6% or 0.016.

    Using simple algebra, I set up the equation and solved for x.

    0.016x = 64
    0.016x/0.016 = 64/0.016
    x = $4,000

    Does that help?

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