Asked by Jeconiah
In order to earn $1,000 in interest over 2 years at an annual rate of 4%, how much principal must be put into a saving account?
Answers
Answered by
Henry
I = Po*r*t = $1000.
Po*0.04*2 = 1000
0.08Po = 1000
Po = $12,500
Po*0.04*2 = 1000
0.08Po = 1000
Po = $12,500
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