The simple interest formula I=prt gives the interest earned on an investment of p dollars at interest rate r for a time of t years. How much does Yusuf need to invest at a rate of 6% in order to earn $150 interest in 5 years

$60

$600

$500

$5,000

Question

The simple interest formula I=prt gives the interest earned on an investment of p dollars at interest rate r for a time of t years. How much does Yusuf need to invest at a rate of 6% in order to earn $150 interest in 5 years

$60 

 $600 

 $500 

 $5,000

hero · Answer

Hint: Solve for P

$P = \large\frac{I}{RT}$

I = 150
R = .06
T = 5

anonymous · Answer

500?