Ask a New Question

Andrea wants to deposit money into a bank account that earns 2.5% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $2500 after 4.5 years. Show and explain your work.

1 answer

I = PRT

2500 = P * 0.025 * 4.5

2500 = 0.1125P

22,222.25 = P

Ask a New Question or answer this question.

Similar Questions

A mother wants to invest $5000 for her son's future education. She invests a portion of the money in a bank certificate of
1. 1 answer
Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit
1. 27 answers
Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit
1. 4 answers
Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit
1. 3 answers

more similar questions