leactitus leactitus

03-02-2024
Mathematics

contestada

how much money must Lee invest for five years in an account that earns an annual simple interest rate of 8% if she wants to earn $650 from the investment?

Respuesta :

FartSmella1 FartSmella1

03-02-2024

Answer:

1625

Step-by-step explanation:

simple interest credits the same amount of interest each year.

so if she wants 650 over five years she needs to get 650/5 = 130 in interest each year

amount of interest = amount deposited * interest rate

130 = amount deposited * .08

amount deposited = 1625

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