Question

You want to study at the Hogwarts School of Witchcraft and
Wizardry after five years. You need 800 pieces of muggle-
money to study there. You decide to deposit some pieces in
the bank at an annual interest rate of 12%.
How many pieces should you deposit today if you want to
use the total amount to pay the fees?
pieces​

Answer 1

Answer:

You should deposit 500 pieces of muggle-money.

Step-by-step explanation:

We would apply the formula for determining simple interest which is expressed as

I = PRT/100

Where

I represents interest paid on the amount of money deposited.

P represents the principal or amount of money deposited.

R represents interest rate on the deposit.

T represents the duration of the deposit in years.

From the information given,

R = 12%

T = 5 years

Total amount, A = 800

A = P + I

I = A - P

Therefore,

800 - P = (P × 12 × 5)/100

800 - P = 0.6P

800 = 0.6P + P = 1.6P

P = 800/1.6

P = 500

Answer 2

i really don't know!! sorry