youdontknowme8989
23.06.2021 •
Mathematics
How much should Sheila deposit in a savings account at 8% simple interest in order to have a balance of $3,000 after six months?
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Ответ:
How to get that
Because Sheila is dealing with simple interest, the formula to use is
A = P*(1+r*t)
where,
A = final amountP = amount to deposit (aka principal)r = annual interest rate in decimal formt = number of yearsIn this case,
A = 3000P = unknownr = 0.08t = 6/12 = 0.5 (since 6 months is half a year)So,
A = P*(1+r*t)
3000 = P*(1+0.08*0.5)
3000 = P*(1+0.04)
3000 = P*(1.04)
3000/(1.04) = P
2884.61538 = P
P = 2884.61538
P = 2884.62
We round to the nearest cent, aka nearest hundredth.
Sheila needs to deposit $2,884.62
Ответ:
x=-1/3
Step-by-step explanation: