Answer :
Answer: he should deposit $5000
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the amount deposited.
P represents the principal or amount deposited.
R represents interest rate
T represents the duration of the deposit in years.
From the information given,
I = $240
R = 1.6%
T = 3 years
Therefore,
240 = (P × 1.6 × 3)/100
Multiplying both sides by 100, it becomes
240 × 100 = 4.8P
24000 = 4.8P
P = 24000/4.8
P = $5000
Answer:
$5,000.00
Step-by-step explanation:
To solve this, let's employ the formula for simple interest and then solve for the Principal (That is, the amount invested )
Simple Interest (I) = P*R*T / 100
Where P = Principal (Amount invested)
I = Interest = $240
R = Rate = 1.6%
T = Time = 3 years
Therefore:
P = ( 100 * I ) / T * R
P = (100 * $ 240) / 3 * 1.6
P = $24000 / 4.8
P = $5,000
It means that, he would deposit $5,000
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