Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

How much should you invest a 4.9% simple interest in order to earn $90 interest in 10 months?$ Round to 2 decimal places

Sagot :

Answer:

$2212.93 should be invested

Explanations:

Let the amount to be invested be the principal, P.

The interest rate, r = 4.9%

r = 4.9/100

r = 0.049

Time, t = 10 months

12 months = 1 year

10 months = 10/12

t = 10/12 years

t = 0.83

The interest in the next 10 months, I = $90

Interest, I, is given by the formula:

I = P x r x t

90 = P x 0.049 x 0.83

90 = P x 0.04067

P = 90 / 0.04067

P = $2212.93

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.