I want to open a savings account that earns 1.6% simple interest yearly. I want to earn exactly $288 in interest after 3 years. How much money should I deposit?

asked by Liz

12 years ago

491 views

0

0

1 answer

P(.016*3) = 288
P = 6000

answered by Steve

0

0

Question

I want to open a savings account that earns 1.6% simple interest yearly. I want to earn exactly $288 in interest after 3 years. How much money should I deposit?

Steve · Answer

P(.016*3) = 288 P = 6000