how much should you invest at 4% simple interest in order to earn $50 interest in 6 months

Question

03-07-2018
Mathematics

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how much should you invest at 4% simple interest in order to earn $50 interest in 6 months

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mathmate mathmate · Answer 1 · 2018-07-03T20:18:27+02:00

mathmate mathmate

03-07-2018

Simple interest formula
Interest = Pit = $50
P=principal (initial investment)
i=annual interest rate = 0.04
t=time in years = 6 months = 0.5 years

Substitute values,
$50 = P*0.04*0.5
Solve for P
P=$50/(0.04*0.5)=$2500

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