Question

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $336 in interest after 3 years. How much money should he deposit?
$70
$5,376
$7,000
$700

Answer 1

@mathstudent55

Answer 2

@perl

Answer 3

what is the answer

Answer 4

For simple interest, use the formula
I = Prt
where I = amount of interest earned
P = amount deposited
r = annual percent rate of interest
t = number of years

Answer 5

Sorry , I can only guide you

Answer 6

\(I = Prt\)

\($336 = P(1.6\%)(3)\)

\($336 = P(0.016)(3)\)

\($336 = 0.048P\)

Now solve for P.
Divide both sides by 0.048

Answer 7

help in what order do you divide or multiply

Answer 8

what both sides