How much money should be deposited in a bank for half a year at an interest rate of 4% p.a. in order to gain $5 000 simple interest?

Question

How much money should be deposited in a bank for half a year at an interest rate of 4% p.a. in order to gain $5 000 simple interest?
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Solution 1

To solve this problem, we need to use the formula for simple interest which is:

I = PRT

where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time the money is invested for

We know the Interest (I) is $5000, the Rate of interest (R) is 4% per annum (or 0. Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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