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If you would like to make $1213 in 8 years, how much would you have to deposit �in an account that pays simple interest of 5�%?

I=1213(.05)(8)
I=388.16
Interest Earned is $388.16
1213+388.16=1601.16

1 answer

huh?
amount deposited = A

Interest earned in 8 years on that is
.05 * 8 * A = 1213

A = 1213/0.40
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