5. Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $192 in interest after 2 years. How much money should he deposit?
It’s 8000 y’all mad a big oof
it is not the answer!!!!!!!!!!!!!!!!!!!!!!!!!!!!
To find out how much money Bert should deposit, we can use the formula for calculating simple interest:
Interest = Principal * Rate * Time
In this case, the interest Bert wants to earn is $192, the rate is 1.6%, and the time is 2 years. Let's substitute these values into the formula and solve for the principal:
192 = Principal * 0.016 * 2
Simplifying the equation, we have:
192 = Principal * 0.032
Now, divide both sides of the equation by 0.032 to solve for the principal:
Principal = 192 / 0.032
Using a calculator, we can find that:
Principal = $6,000
Therefore, Bert should deposit $6,000 in order to earn exactly $192 in interest after 2 years.
$4000
192 /2 = 96 for a year
96 is equal to 1.6 / 100 = 16/1000 = 2/125x
125/2 * 96 = x
6000=x
so he should depoist 6000 dollars
Interest = Principle x rate x time
192 = P(.016)(2)
P = 6000