Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $384 in interest after 3 years. How much money should he deposit?
please just say the darn answer
its fr fr 8000
To determine how much money Bert should deposit, we can use the formula for simple interest:
Interest = Principal × Rate × Time
Given that the interest is $384, the rate is 1.6% (or 0.016 as a decimal), and the time is 3 years, we can rearrange the formula to solve for the principal:
Principal = Interest / (Rate × Time)
Substituting the given values into the formula:
Principal = $384 / (0.016 × 3)
Calculating this expression:
Principal = $384 / 0.048
Principal = $8,000
Therefore, Bert should deposit $8,000 in order to earn exactly $384 in interest after 3 years.
Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $384 in interest after 3 years. How much money should he deposit?
its 7,000
The answer is $7000🤑🤑🤑
0.52
since no one is saying the answer its 800
I = PRT
384 = P * 0.16 * 3
Solve for P