Business, 04.04.2020 22:52 kaitlngley2367

1. If money is deposited in a bank that pay's simple interest of 4.5 %, bow much will have to be deposited to earn $90 of interest for 8 months

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The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

Explanation:

The given is,

Simple interest of 4.5 %

Earn $90 of interest for 8 months

Step:1

Formula to calculate the simple interest method,

F=P(1+iN) ...................................(1)

Where,

F - Future amount

P - Initial investment

i - Rate of interest

N - Number of years

From given,

i - 4.5%

Let, X - Initial investment, P = X

F = P + Interest amount

F = X + 90

From the equation (1),

(X+90)=X(1+(0.045)(0.667))

(∵ N = 8 months = $\frac{8}{12}$ = 0.667 year )

(X+90)=X(1+(0.03))

(X+90)=X(10.03)

(X+90)=1.03 X

90=1.03X-X

90=0.03X

$= \frac{90}{0.03}$

= 3000

P = X = $ 3000

From the X value.

F = P + 90

= 3000 + 90

F = $ 3090

Result:

The amount of 3000 will have to be deposited to earn $90 of interest for 8 months, if money is deposited in a bank that pay's simple interest of 4.5%.

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