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If you would like to make $2283 in 9 years, how much would you have to deposit in an account that pays simple interest of 5%

If You Would Like To Make 2283 In 9 Years How Much Would You Have To Deposit In An Account That Pays Simple Interest Of 5 class=

Sagot :

To solve this question, we would use the formula of simple interest.

[tex]\begin{gathered} S\mathrm{}I=\text{PRT} \\ s\mathrm{}i=\text{simple interest} \\ p=\text{ principal} \\ r=\text{rate} \\ t=\text{time} \end{gathered}[/tex]

So the given data are

[tex]\begin{gathered} p=\text{?} \\ s\mathrm{}i=2283 \\ t=9 \\ r=5\text{ \%=0.05} \end{gathered}[/tex]

We would need to find the principal

[tex]\begin{gathered} 2283=p\times0.05\times9 \\ 2283=0.45p \end{gathered}[/tex]

Divide both sides by the coefficient of p

[tex]\begin{gathered} \frac{2283}{0.45}=\frac{0.45p}{0.45} \\ p=5073.33 \end{gathered}[/tex]

In order to make an interest of 2283 in 9 years, you would have to save $5073.33 now

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