Math

How much must Harry's Hardware deposit at a 14.5% annual interest for 240 days in order to earn $500 in simple interest?

Would the answer be 547.85?

This is the equation I used.
A = P(1 + rt)

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  1. Looks like you used 500 as your principle, P, but 500 is your interest, I.
    Use I=Prt
    and solve for P.

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