how much would need to be invested at 3.25% annual simple interest to amount to $6510 in 5 years?
I = prt
I = 6510(0.0325)(5)
let the amount needed be x
x + x(.0325)(5) = 6510
x( 1 + .0325)(5) = 6510
1.1625x = 6510
x = 5600
check:
interest on 5600 for 5 years at 3.25% simple interest
= 5600(.0325)(5) = 910
amount after 5 years = 5600+910 = 6510
To determine how much would need to be invested at 3.25% annual simple interest to amount to $6510 in 5 years, we can use the formula for simple interest:
Simple Interest = Principal * Interest Rate * Time
In this case, we want to find the Principal, so we can rearrange the formula to solve for it:
Principal = Simple Interest / (Interest Rate * Time)
Now let's plug in the given values into the formula:
Simple Interest = $6510
Interest Rate = 3.25% = 0.0325 (since it's a decimal)
Time = 5 years
Principal = $6510 / (0.0325 * 5)
Principal = $6510 / 0.1625
Principal = $40,000
Therefore, to amount to $6510 in 5 years with a 3.25% annual simple interest rate, you would need to invest $40,000.