How much should you invest now at 7.25% simple annual interest in order to earn $130 interest in 6 months?

State your result to the nearest penny.

Question

21-06-2024
Mathematics

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How much should you invest now at 7.25% simple annual interest in order to earn $130 interest in 6 months?

State your result to the nearest penny.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-06-21T13:40:16-04:00

Final answer:

To earn [tex]$130 interest in 6 months at a simple annual interest rate of 7 1/4%, you should invest approximately $[/tex]910.96 now.

Explanation:

To calculate the amount to invest now to earn [tex]$130 interest in 6 months at a simple annual interest rate of 7 1/4%, you can use the formula:

Interest = Principal x Rate x Time

Given: Interest = $[/tex]130, Time = 0.5 years, and Rate = 7.25%

Substitute the values into the formula and solve for Principal.

In this case, the amount to invest now would be approximately [tex]$910.96 to earn $[/tex]130 in interest over 6 months.

Learn more about Calculating present value of investment with simple interest here:

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Final answer:

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