Question

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $128 in interest after 2 years. How much money should he deposit?

Answer 1

Answer:

To solve for the Principal amount, we will use the formula:

                             P = I / rt

P = principal amount; which is the amount that we will be solving for.

I = the interest accrued within the allotted time frame. ($160)

r = the interest rate percentage. (1.6%)

t = the time frame that the money will accrue interest. (2 years)

Before we can plug in the numbers into our formula, we need to convert our percent into a decimal. To do this, move the decimal two places to the left. This will leave us with 0.016. We'll use that for "r".

Let's plug in the numbers:

P = 160 / (0.016) (2)

Multiply your bottom numbers together for 0.016 x 2 =0.032

P = 160 / 0.032

Divide now.

160 ÷ 0.032 = 5,000.

This tells us that, Bert will need to deposit $5,000 into the savings account to earn $160 within 2 years with a 1.6% interest rate.

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Answer 2

Answer:

He should deposit $8000 to get exactly $128 interest after two years.

Step-by-step explanation:

As,

1.6/100 × 8000 = 128

So by depositing $ 8000 he can get $ 128 as interest.