Tom wants to earn 5,000 annually as interest. How much should he invest if the bank offers an
annual interest of 8%?
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2
Answer:
625
Step-by-step explanation:
The Simple Interest Formula is given by
Simple Interest = Principal × Interest Rate × Time
I = Prt
where
The Principal (P) is the amount of money deposited or borrowed.
The Interest Rate (r) is a percent of the principal earned or paid.
The Time (t) is the length of time the money is deposited or borrowed.
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