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Jasmine wants to earn $2,000 in simple interest through a
bank account earning 5% annually. How much principal
would she need to invest in the account to meet her interest
goal in 4 years?

Respuesta :

Naseeem88

Answer:

$10000

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

P = 2000 / ( 0.05 × 4 ) = 10000

P = $ 10,000.00

The principal required to

accumulate interest of $ 2,000.00

on a rate of 5% per year for 4 years is $ 10,000.00.

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