# math

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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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