Question

suppose u invested some money at 8% simple interest for five years. if u received $500 in interest, how much money did u invest?

Answer 1

R750

Answer 2

$50,000

Answer 3

[AI-generated answer — Explain Bot]

To find the amount of money you invested, we can use the formula for simple interest:

Interest = (Principal * Rate * Time)

Given that you received $500 in interest and the interest rate is 8% (or 0.08) for five years (Time = 5), we can plug these values into the formula and solve for the Principal.

$500 = (Principal * 0.08 * 5)

To isolate the Principal, divide both sides of the equation by (0.08 * 5):

$500 / (0.08 * 5) = Principal

$500 / 0.4 = Principal

$1250 = Principal

Therefore, you invested $1250.