Mathematics
Elizabet225
16

You want to put some money in a simple interest account. It pays 8% interest annually for 2 years. You would like to earn $500 in interest. How much money do you need to put in?

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(1) Answers
lindsaykeith4

Well, 8% (x2 for 2 years) is equal to 16%. 16% of $500 is $80. This means that you need to put in $420 in order to get $500 in 2 years. 

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