Asked by Anonymous

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)
Answered by Nonetheless
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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