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26-04-2018
Mathematics

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Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $288 in interest after 3 years. How much money should he deposit?

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choixongdong choixongdong

26-04-2018

i = Prt
P = i / rt
P = 288 / (0.016 * 3)
P = 288 / 0.048
P = 6,000

answer
He should deposit $6,000

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