how much money would you need to put in the bank if you get a simple interest rate of
5% for 4 years, and you want to make at least $500 in interest? Round to the nearest whole dollar
amount (be sure to put the $ in your answer)
Here, Time: 4 years Rate: 5% Simple interest:500$ So, principal:? We know, SI=P*T*R/100 500=P*4*5/100 500=20P/100 20P=50000 P=50000/20 P=2500$ So 2500$ is needed to make atleast 500$ interest in 4 years with 5% rate
