Ask Question
6 August, 06:25

Nate has an account that pays 2.76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. how much money should nate invest in this account to meet his goal?

+2
Answers (1)
  1. 6 August, 06:33
    0
    Given:

    interest rate = 2.76%

    simple interest = 3,090

    term = 15 years

    Looking for the principal.

    Simple Interest = Principal * interest rate * term

    3,090 = Principal *.0276 * 15

    3,090 = Principal * 0.414

    3,090 / 0.414 = Principal

    7,463.77 = Principal

    Nate should invest 7,463.77 to meet his goal.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Nate has an account that pays 2.76% simple interest per year and wants to accumulate $3,090 in interest from it over the next 15 years. how ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers