Asked by gio
Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $128 interest after 2 years. How much money should he deposit?
Pls help me!
Pls help me!
Answers
Answered by
Ms. Sue
0.016x = 64
x = $4,000.
x = $4,000.
Answered by
gio
pls explain further so I can understand
Answered by
Ms. Sue
You need to earn half of $128 a year. So, you'll need to earn $64 a year.
Let x = the amount of money he should deposit. The account earns 1.6% or 0.016.
Using simple algebra, I set up the equation and solved for x.
0.016x = 64
0.016x/0.016 = 64/0.016
x = $4,000
Does that help?
Let x = the amount of money he should deposit. The account earns 1.6% or 0.016.
Using simple algebra, I set up the equation and solved for x.
0.016x = 64
0.016x/0.016 = 64/0.016
x = $4,000
Does that help?
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