How much must Harry's Hardware deposit at a 14.5% annual interest for 240 days in order to earn $500 in simple interest?

Question

Would the answer be 547.85?

This is the equation I used.
A = P(1 + rt)

Answer 1

Looks like you used 500 as your principle, P, but 500 is your interest, I.
Use I=Prt
and solve for P.